You are here
Home > News > Fuel prices reach all-time high: analysts

Fuel prices reach all-time high: analysts

Fuels prices hit record highs again, indicate fuel market analysts from the e-petrol website. Moreover, the estimated rise in crude oil prices will certainly not calm down the situation on the domestic market.

According to the analysts, fuel prices next week will depend on the price movements in Polish refineries, and these have increased significantly in recent days and have set their historical records again.

The price of gasoline and diesel should be in the range of PLN 5.90 (EUR 1.29) to PLN 6.03 (EUR 1.32) per litre in the coming week. “Due to the supply turmoil, the price of the liquid petroleum gas (LPG) will continue to increase; in the coming days it will cost from PLN 3.11 (EUR 0.68) to PLN 3.20 (EUR 0.70) per litre” the website states.

Analysts from the BM REFLEX company point out that it is becoming the norm that the prices of diesel fuel are higher than the prices of unleaded 95. “This phenomenon that we remember from previous years is typical mainly for the autumn and winter period. The biggest difference so far, amounting to PLN 0.31 (EUR 0.07) per litre, was recorded in March 2019,” the analysts said.

“On Friday morning, the December series of Brent crude oil contracts surged to USD 85 per barrel and crude oil is less than USD 2.5 per barrel more expensive than last week,” the BM REFLEX office said.

The E-petrol website noted that the International Energy Agency suggested on Thursday that the increase in oil demand by the end of the year could reach 500,000 barrels per day, which may mean further increases in raw material prices. Russian Deputy Prime Minister Alexander Novak declared that Russia might increase oil production.

The portal also indicated that yesterday the US Energy Information Administration (EIA) announced that its oil reserves increased by 6.1 million barrels, although a drop of 0.5 million barrels was expected. In turn gasoline reserves fell by 1.96 million barrels, which was also a big surprise for the market.

Warning: Invalid argument supplied for foreach() in /var/www/warsawpoint/data/www/ on line 69

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.