Oil prices have jumped 60 per cent! This is why gasoline prices in many countries exceed 9 yuan per liter

Gasoline prices in the United States have hit a nine-year high, with prices at some stations topping 14 yuan per liter.

Data show that international crude oil prices have soared more than 60 percent this year, with gasoline prices in many countries exceeding 9 yuan per liter, CCTV reported.

According to new figures released by the Office for National Statistics on Monday, the price of petrol in the UK jumped 19 per cent year-on-year in September to £1.35 a litre, the highest level in eight years -- meaning a full tank of petrol costs £10.8 more than a year earlier.

In Japan, retail prices for regular gasoline have risen about 20 percent this year to 166 yen, about $8.9 a liter, a seven-year high.

The average price of gasoline in Korea surpassed 1,700 won per liter, 9.3 yuan, for the first time in seven years.

Gasoline prices in India, the world's third-largest oil consumer, have risen 23 percent since the beginning of the year to 107 rupees, about $1, per liter. Some owners say they will have to sell their cars if gas prices rise further.

Gasoline prices in the United States have soared to their highest levels in years. In California, "premium" prices have risen to about $8.50 a gallon, about $14.33 a liter, at gas stations in isolated California towns.

Experts pointed out that the agreement between Opec non-OPEC producers to cut production in the wake of COVID-19 led to a rapid decline in global oil inventories.

At the same time, supply growth in the U.S. has been muted by hurricane IDA, which hit production in August, a general reluctance by U.S. oil gas companies to increase drilling.

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Source: China Energy Net