This report presents a detailed breakdown of the key components shaping gasoline and diesel prices across major global markets from 2024 through the first half of 2025. It disaggregates retail fuel prices into the financial drivers most relevant to consumers, governments, and fuel suppliers: crude oil costs, taxes, refining margins, and commercial margins, all expressed uniformly in U.S. dollars to ensure comparability. The analysis reveals a mixed global landscape. In several regions, fiscal and regulatory choices emerge as the dominant influences on fuel prices, with taxes and policy interventions increasingly determining what consumers pay at the pump.
