After peaking at US$133 (HK$1037) in March, Brent crude fell below US$100 for the first time since April last month amid fears of an impending global recession and its effect on future crude oil demand.
Yet, retail petrol prices have steadily risen over the last six months and barely retreated.
Between April 11 and June 27, drivers paid an average HK$23.13 per liter compared to the average worldwide price of HK$15.79 over the same period, according to the energy website globalprices.com.