The fuel energy index includes prices for crude oil, natural gas, coal, and propane.

According to Statista, the global fuel energy price index stood at 192.37 index points in April 2023, up from 100 in the base year 2016. Figures increased six-fold between summer 2020 and summer 2022 as a result of an ongoing energy supply shortage that was exacerbated by the Russia-NATO-Ukraine conflict. The decrease noted in October 2022 was due to more favorable weather and reduced demand outlooks as recession fears first emerged. Shippers experienced record-breaking fuel prices in the 2022. Diesel fuel prices were the most volatile they’ve ever been, with wholesale prices moving more than $0.10 per gallon every three to four trading days.

According to the Economist, global energy consumption will grow by just 1.3% in 2023, amid a slowing economy and high energy prices. Waning gas supplies and extreme weather events will force many countries to fall back on fossil fuels, delaying the green energy transition.

On May 23, Reuters, citing sources in the Russian government, reported that the Russian authorities may introduce a ban on the export of gasoline to prevent a shortage of fuel on the domestic market, as well as rising prices. According to the agency, such measures are being considered due to a reduction in the Ministry of Finance fuel dampener for oil refineries. According to Nikolai Shulginov, head of Russia’s Energy Ministry, “retail prices are now stable and the gross margin of gas stations remains high enough not to enact a full ban”.