Brent oil in Hong Kong dollars: how high is it in history, and how much has reached petrol prices?
Brent averaged HK$916 a barrel in September 2026, the 10th-highest month since 1981 but still below July 2008. Under the peg the Hong Kong dollar added only 0.8% to the rise. Standard petrol is up 20.2% since the end of 2025.
Oil headlines quote dollars. For a Hong Kong driver, importer or household, the useful question is what a barrel costs in Hong Kong dollars, how that compares with past peaks, and how much of it has reached the petrol pump and consumer prices.
How much is a barrel of Brent in Hong Kong dollars?
Brent averaged HK$916.11 a barrel in September 2026. That is the World Bank monthly average of US$116.8 multiplied by the month’s average exchange rate of 7.8434 Hong Kong dollars per US dollar (FRED). This is a CapsWindow calculation, and so are the other Hong Kong dollar Brent figures in this note.
Brent crude per barrel, September 2026 monthly average. One barrel is 158.987 litres, so the crude alone costs HK$5.76 a litre
The rise came with supply disruption in the Middle East. The US Energy Information Administration estimates that production shut-ins in the region peaked at 10.9 million barrels a day in May 2026 and were still 4.8 million in September. Attacks on Saudi Arabia’s East-West pipeline in September sent the daily Brent spot price as high as US$131 on 15 September.
Where does September 2026 rank?
September 2026 among months since January 1981, Brent in Hong Kong dollars (nominal)
Where does September 2026 rank?
Brent in HK$ per barrel
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Rank | Month | Brent in HK$ per barrel |
|---|---|---|
| 1 | July 2008 | 1,044.43 |
| 2 | June 2008 | 1,038.37 |
| 3 | March 2012 | 969.47 |
| 4 | May 2008 | 966.27 |
| 5 | April 2011 | 956.68 |
| 10 | September 2026 | 916.11 |
| For comparison | April 2026 | 943.14 |
| For comparison | June 2022 | 942.56 |
September 2026 is 12.3% below the July 2008 record (calculated). It is also slightly below April 2026, this year’s earlier spike, and June 2022, the previous high. In US dollars September 2026 is also 10th, but out of 801 months since 1960. The matching rank is partly coincidence, since the samples start in different years. What is not a coincidence is the shape: the Hong Kong dollar has been linked to the US dollar since October 1983, so the Hong Kong dollar series follows the US dollar series closely.
Did the exchange rate add to the rise?
Barely. For most currencies in Asia this year, the exchange rate either amplified or cushioned the oil shock. In Hong Kong it did almost nothing.
| Month | Brent, US$ | USD/HKD | Brent, HK$ |
|---|---|---|---|
| December 2025 | 62.7 | 7.7808 | 487.86 |
| March 2026 | 103.7 | 7.8268 | 811.64 |
| April 2026 | 120.4 | 7.8334 | 943.14 |
| June 2026 | 85.4 | 7.8377 | 669.34 |
| August 2026 | 90.9 | 7.8425 | 712.88 |
| September 2026 | 116.8 | 7.8434 | 916.11 |
From December 2025 to September 2026 Brent rose 86.3% in US dollars and 87.8% in Hong Kong dollars. The Hong Kong dollar drifted 0.8% weaker within the Linked Exchange Rate System band, which accounts for the difference. For comparison, the Philippine peso weakened 6.35% and the Indonesian rupiah 6.27% over the same months, so Brent in those currencies set new records in September. The Singapore dollar strengthened 1.38%, which softened the rise there.
What about after inflation?
Adjusted for Hong Kong consumer prices, the 2008 peak is much further away. Consumer prices in July 2026 were 1.5123 times their July 2008 level, so July 2008’s HK$1,044.43 is worth HK$1,579.49 a barrel in July 2026 money (calculated).
| Month | Nominal HK$ per barrel | In July 2026 consumer prices |
|---|---|---|
| June 2008 (real peak) | 1,038.37 | 1,581.12 |
| July 2008 | 1,044.43 | 1,579.49 |
| June 2022 | 942.56 | 1,011.06 |
| September 2026 | 916.11 | rank 72 of 352 months since April 1997 |
On this basis September 2026 is about 42% below July 2008 (calculated). The real series starts in April 1997 and uses CPI up to July 2026. Hong Kong’s September CPI has not been published, so September is ranked against July prices and the real comparison is approximate.
How much has reached petrol prices and inflation?
Hong Kong has a market-based pump price. Oil companies set their own prices, and the Consumer Council, a statutory body, publishes them daily. According to the government, Hong Kong imports all its oil products, around 80% of them from the Chinese Mainland.
| Measure | End of 2025 | Latest | Change |
|---|---|---|---|
| Standard petrol, posted pump price | HK$28.89 a litre (31 December) | HK$34.72 a litre (16 October 2026) | +20.2% |
| Crude cost per litre (Brent, monthly average) | HK$3.07 (December) | HK$5.76 (September) | +87.8% |
| Overall CPI, year on year | — | 1.7% (August 2026) | — |
| CPI transport, year on year | — | +3.9% (August 2026) | — |
| CPI electricity, gas and water, year on year | — | +11.5% (August 2026) | — |
Pump prices are from the Consumer Council’s Oil Price Watch; 34.72 is the highest in the past year. After walk-in discounts, actual prices on 16 October ranged from HK$24.52 to HK$33.12 depending on the company. CPI is from the August release, in which the government said “elevated international oil prices continue to feed through to fuel-related components”. Underlying inflation, excluding one-off relief measures, was 1.9%.
In percentage terms the pump price rose far less than crude, because crude is a smaller share of it. In Hong Kong dollars per litre, the posted price actually rose more: between the end of December and 30 September, posted petrol rose HK$5.73, while the crude cost per litre rose HK$2.69 from the December to the September monthly average (both calculated). The two measures are not directly comparable, since one is a daily posted price and the other a monthly average of crude, before refining.
Government relief this year was targeted and temporary. A package was announced on 9 April. The diesel subsidy for commercial vehicles ended on 29 June, and the tunnel toll waiver and LPG subsidy ended on 16 and 30 July.
Because of the peg, an oil-driven change in US dollar prices reaches Hong Kong almost one for one. To see how a Hong Kong dollar amount compares on local and US benchmarks over time, open the past money calculator.
Compare local and US benchmarks →
All Hong Kong dollar Brent figures are CapsWindow calculations from World Bank monthly averages and monthly average exchange rates. They hide daily swings: the EIA's Brent spot price averaged US$126.98 from 1 to 14 October and was US$126.55 on 14 October. Spot and futures prices have also split apart. The EIA puts the September spot average at about US$114, against US$102.02 for the front-month futures contract, which points to tight physical supply. The World Bank's US$116.8 is a third measure. Crude is only part of the pump price, alongside refining, import, distribution and retail costs. None of this is a forecast. For reference, the EIA's October outlook expects Brent to average US$96 in 2026, US$105 in the fourth quarter and US$84 in 2027.
Questions & answers
Why does Brent in Hong Kong dollars look almost the same as in US dollars?
Because the Hong Kong dollar is pegged to the US dollar in a band of 7.75 to 7.85. From December 2025 to September 2026 the monthly average exchange rate moved only 0.8%, so Brent rose 87.8% in Hong Kong dollars against 86.3% in US dollars. In currencies that weakened more over the same months, such as the Philippine peso or the Indonesian rupiah, the rise was larger.
Is oil more expensive now than in 2008 in Hong Kong dollars?
No. July 2008 averaged HK$1,044.43 a barrel, against HK$916.11 in September 2026. After adjusting for Hong Kong consumer prices to July 2026, July 2008 is worth HK$1,579.49, so the gap is wider in real terms. These are monthly averages; daily spot prices in early October 2026 were higher than the September average.
Why did petrol rise about 20% when crude rose about 88%?
Crude is only one part of the pump price. In September the crude cost was about HK$5.76 a litre, roughly one sixth of the HK$34.62 posted price for standard petrol on 30 September (CapsWindow calculation). The rest covers refined product costs, import, distribution, retail costs and margins, so the same increase in crude is a smaller percentage of the pump price.
Source
- World Bank - Commodity Price Data (Pink Sheet), monthly historical data ↗
- FRED - Hong Kong dollars to one US dollar, monthly (EXHKUS) ↗
- US EIA - Europe Brent spot price FOB, daily ↗
- US EIA - Short-Term Energy Outlook, October 2026 ↗
- Consumer Council - Oil Price Watch ↗
- Hong Kong Government - Consumer Price Indices for August 2026 ↗
- Hong Kong Government - Press release on fuel relief and oil supply, 9 April 2026 ↗
- Hong Kong Government - Press release on the Diesel Subsidy Scheme, 26 June 2026 ↗
- Hong Kong Government - Press release on the tunnel toll waiver and LPG subsidy, 13 July 2026 ↗
- HKMA - Linked Exchange Rate System ↗