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Energy prices in Latin America - statistics & facts

Over the last three years, global prices of electricity and fossil fuels fluctuated between a minimum in 2020, when the energy demand dropped during the COVID-19 pandemic, to a maximum in the first half of 2022, with the post-pandemic economic recovery and Russia’s invasion of Ukraine. A decline in energy prices has been observed since the second half of 2022. Latin America — home to some of the largest global oil-producing countries — also felt the impact of the global trends, causing ripples in the prices of conventional liquid fuels, such as gasoline. Additionally, the instability of fossil fuel prices and the impending climate crisis raised the conversation on renewable energy once more.

Oil industry

Although severe oscillations in oil prices are no novelty, the drop caused by the COVID-19 pandemic reached unprecedented levels. Venezuela, one of the founding members of OPEC, saw the price of its reference Merey blend reach seven U.S. dollars per barrel in April 2020. However, in July 2022, this price was as high as 92 U.S. dollars per barrel, a year-on-year growth of over 60 percent. Crude oil prices above 100 U.S. dollars per barrel were recorded in Mexico, Ecuador, and Brazil. The high oil prices and the fruitful trade agreements between Latin America’s countries and the United States gave a push to the national economies.

Gasoline prices and the Latin American consumer

As a product of crude oil refining, gasoline prices are largely dependent on the price of this fossil fuel. Not surprisingly, in the first half of 2021 and 2022, gasoline prices surged in most Latin American countries, a consequence of the rising oil demand. For instance, between January and June 2022, gasoline prices in Panama increased by 65 percent. On the other hand, in countries where the fuel prices are regulated by the government, such as Bolivia, Ecuador, and Colombia, the gasoline purchasing power was among the highest in Latin America and the Caribbean. In sharp contrast are Peru, Nicaragua, and Cuba, the poorest country of the ranking, where an average salary can purchase less than 30 liters of gasoline.

Looking toward a more sustainable energy future

The global energy crisis has once again put on display the challenges of relying on fossil fuels as a main energy source. Renewable energy has become considerably more competitive in the past decade. The price of onshore wind power in Latin America dropped by approximately 60 percent since 2010. This trend in clean energy prices, combined with governments taking a strong stance on energy policy, such as Chile since 2022 and Brazil since 2023, might play a key role in the Latin American (and global) energy future.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Jessica Aizarani, Mar 16, 2023

Key insights

Price of Merey blend (Venezuela)
66.9 USD/bbl
Price of Mexico's export crude oil
65.9 USD/bbl
Price of Oriente crude oil (Ecuador)
79.9 USD/bbl
Get more insights

Editor’s Picks Current statistics on this topic

Average price of gasoline in selected countries in Latin America and the Caribbean as of March 2022 (in U.S. dollars per liter)

Petroleum & Refinery

Gasoline price per liter in Latin America 2022, by country

Average price of commercial electricity in selected countries in Latin America in September 2021 and June 2022 (in U.S. dollars per kilowatt hour)

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Price of commercial electricity in Latin America 2021-2022, by country

Average monthly Merey crude oil price (Venezuela) from January 2019 to November 2022 (in U.S. dollars per barrel)

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Venezuela's Merey average crude oil price 2019-2022

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