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The last three years have seen historic changes in the U.S. octane market. The wholesale value of octane, the primary yardstick of gasoline quality and price, spiked threefold in 2022, followed by another year of high values in 2023. The numbers for 2024 and (so far) 2025 have been more stable, but still historically high. In today’s RBN blog, we look at why retail octane values have risen so high and why refiners have been capturing only a small share of the corresponding increase.
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