World oil prices started to rise significantly in 2004, and reached record highs in mid-2008. After falling sharply in the second half of 2008, prices gradually rose until the first half of 2011 and have fluctuated since then. In early 2012, Saudi Aramco prices for propane and butane - important benchmark prices for LPG - surpassed their 2008 peak in nominal and real terms, and nominal gasoline prices in April 2012 also reached levels seen in mid-2008, followed by a sharp decline. The spikes - and wild fluctuations in the case of LPG - in global prices have posed significant challenges for governments in countries that control fuel prices, and LPG pricing is highly politicised
For consumers in many countries, the adverse effects of sharp rises in global oil prices on the world market since late 2003 have been exacerbated by currency depreciation against the US dollar, in which world oil prices are denominated. Between 2003 - before oil prices started to rise - and 2011, the currency depreciated in two-fifths of developing countries, equally distributed across income categories. By contrast, appreciation of more than 40 per cent was disproportionately concentrated in upper-middle-income countries.
The price of autogas in the world is around 50% cheaper than traditional fuels, and this is roughly the same in all countries.
The price of LPG Autogas in the World in
LPG Price News from around the World