U.S. retail gasoline prices rose to a new record, topping a record set in March, as global refiners grapple with a pre-summer price hike as car travel increases.
The average retail price per gallon was $4,374 early Tuesday, the American Automobile Association said, beating the previous record of $4,331.
Since March 30, Brent futures have lost 7% and gasoline futures have risen 9.4% to hit a record $3.7590 a gallon on Friday before selling on Monday.
Refinery closures due to scheduled maintenance and unrest have driven fuel prices up, even as the United States and other countries are taking steps to boost oil supplies around the world.
Global fuel stocks are shrinking as demand recovers to pre-pandemic levels. Supplies have become even more limited since the invasion of Ukraine and subsequent sanctions against Russia by the United States and its allies.
Source: El Iktisad
