October 19, 2010 / 6:01 PM / 8 years ago

US retail gasoline demand up 2.7 pct -Mastercard

NEW YORK, Oct 19 (Reuters) - U.S. retail gasoline demand rose 2.7 percent last week from the prior week, but dipped 0.9 percent from the same week a year earlier, the MasterCard Advisors SpendingPulse report said on Tuesday.

U.S average gasoline demand rose 246,000 barrels per day (bpd) to 9.258 million bpd in the week to Oct. 15.

Over the latest four weeks, gasoline consumption in the world’s top oil consumer fell 1.1 percent from the same period last year.

Average retail prices for gasoline rose 6 cents to $2.82 a gallon last week, according to MasterCard.

This was a 13.7 percent increase in prices compared to the same week last year.

“Demand is showing little growth while gasoline prices rose sharply in the past two weeks mimicking oil,” said John Gamel, Director of Economic Analysis for MasterCard Advisors SpendingPulse.

“The trend in demand growth is similar to what we saw last year. Regionally, demand was strong in the East Coast last week but grew weaker out to the West,” he added.

MasterCard Advisors estimates retail gasoline demand based on aggregate sales activity in the MasterCard payments system coupled with estimates for all other payment forms including cash and checks. MasterCard Advisors is a unit of MasterCard Inc (MA.N).

Reporting by Selam Gebrekidan; Editing by David Gregorio

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