Gasoline or petrol is a derivative product of crude oil/petroleum. It is derived during fractional distillation process and has a translucent liquid form. It’s not used in its crude form. Different additives are added like ethanol to use it as fuel for passenger vehicles. In the US and Latin countries, term gasoline is used, but in Europe and Asian countries it’s called petrol.
Majorly all around the world gasoline is used as fuel for vehicles. It’s one of the main products, which is consumed heavily worldwide. Thus, it affects the WPI of countries or Inflation. A major driver of petrol prices are crude oil prices, which is one of the most important macro economic indictor for world. The US is the biggest consumer of gasoline all over the world, where nearly 45% is consumed. They have highest usage rates per person.
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