The International Energy Agency (IEA) has unveiled its latest update for the Third Quarter 2023 Energy Prices & Taxes database. The data reveals notable trends in transport fuel prices and end-use prices for various energy sectors across OECD countries.
In the early part of 2022, transport fuel prices experienced significant increases. However, in 2023, a majority of OECD countries witnessed a decrease in these prices, with a slight uptick noted in the second quarter. The OECD mid-grade gasoline average price showed a rise from 1.20 USD/l in Q1 2023 to 1.24 USD/l in Q2 2023, demonstrating a 7.7 percent decrease compared to prices in 2022.
End-use prices for transport fuels vary from one country to another, primarily influenced by tax rates and governmental interventions aimed at mitigating the impact of price fluctuations on consumers. These insights were discussed in a recent commentary by the IEA.
The end-use prices encompass a range of energy products including main oil products, gas, coal, and electricity, covering sectors such as Households, Industry, and Electric Generation. The database also provides comprehensive information on sources, methods, and a detailed description of price mechanisms in each country. The IEA updates this valuable data every December, March, June, and September, allowing for timely analysis and informed decision-making.