Highest and lowest gasoline prices in Latin America

As the fourth quarter of 2026 begins, fuel prices in Latin America reflect the strong international pressure on energy, according to Bloomberg Línea. Volatility in global crude markets feeds directly into the domestic costs that consumers in the region face when they fill up at service stations.

According to the Latin American and Caribbean Energy Organization (Olacde), as reported by the outlet, energy inflation in Latin America and the Caribbean reached its highest level in June, when it hit 8.03% year on year. That rate clearly exceeds the overall inflation rate of 4.49% recorded over the same period, driven by import, refining and transport costs stemming from tensions in the Middle East.

To gauge the scale of this global shock, estimates published by Bloomberg Línea based on Citi data indicate that global spending on oil stands near an annualized 5 trillion dollars, equal to 4% of global GDP, up from 2.6 trillion dollars and 2.1% of GDP recorded in January. The bank also projects that a possible reopening of the Strait of Hormuz could cut that global spending on petroleum products to 3 trillion dollars a year, which would facilitate a decline of up to 150 basis points in interest rates during 2027.

At the local level, price-containment measures vary among the region's governments in an effort to mitigate the impact on the cost of living. In Colombia, for example, El Nacional reported that the president ordered the Ministry of Mines to reverse a 46-peso-per-gallon increase scheduled for October, seeking to curb the rise in gasoline prices amid the escalation in international crude.