Vehicle fuel prices rose 21% last year

The cost of fuel for motor vehicles recorded growth of 20.8% in 2022, according to data released from the Statistics and Census Services (DSEC).

This hike has been attributed to the general increase in fuel prices across international markets that is said to be related to the war in Ukraine, as previously mentioned by the Economic and Technological Development Bureau throughout the year.

The average price of one liter of unleaded gasoline stood at MOP13.96 last year, while the price of diesel reached MOP15.62.

Concurrently, the price of bottled Liquid Petroleum Gas (LPG) for domestic consumption has also risen, but to a lesser degree (9.9% year-on-year).

According to the same statement, the fuels encountered constant price adjustments throughout the year and ended the year on a high, with one liter of gasoline being sold at an average of MOP14.29 and one liter of diesel costing MOP16.21 in the last quarter of the year (October to December).

Data from the DSCE also shows that 91% of all gasoline and 86% of all diesel imported to Macau comes from the mainland, with the remaining gasoline coming from Saudi Arabia and the remaining diesel being directly imported from Singapore.

Higher prices also represented a contraction in the market, with reduced consumption of gasoline falling 11% to 90.8 million liters, while diesel consumption also fell but by around 5% to 88.8 million liters.

Also accountable for the drop in diesel consumption was the substitution of a significant part of the diesel-powered public buses fleet, as well as shuttle buses from the gaming concessionaires. These vehicles have been recently replaced with hybrids, electric vehicles, and vehicles powered by LPG to reduce polluting exhaust gas emissions.

The effects of Covid outbreaks and the drastic reduction in the number of tourists are also accountable in this equation, since the shuttle buses from gaming operators were reduced to a minimum during a significant portion of last year.