All Saints’ Day 2023. Fuel prices – e-petrol and BM Reflex analysts predict increases at gas stations

Rafał Zywert from BM Reflex reported that currently, a liter of unleaded 95 petrol costs on average PLN 6.27, and diesel oil – PLN 6.33. “During the week, the price of petrol increased on average by 16 gr/l, and diesel by 14 gr/l,” he pointed out. A liter of unleaded 98 petrol costs on average PLN 6.87, autogas – PLN 3.08.

Analysts of the industry portal e-petrol.pl pointed out that “as announced refineries raise prices of all fuels – which will translate into increases on the retail market in the coming days.”

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“This is important news for thousands of Poles planning traditional trips on the occasion of All Saints’ Day. At some stations, in the week that is coming to an end, fuel prices below PLN 6 were still observed, but at the turn of October and November they will be rare,” we read in Friday comment.

Rafał Zywert from BM Reflex also pointed out that the National average the price of Pb95 petrol and diesel may increase to PLN 6.50-6.60/l at the end of next week.

“Increases in fuel prices in the country should continue in the first half of November. In the next two weeks, diesel prices will most likely approach the average level of approximately PLN 6.99-7.09/l, while Pb95 gasoline prices will reach 6.60-6.70 PLN/l” – forecasts the analyst.

At the same time, Zywert pointed out that we still pay less for fuel than a year ago. At the end of October 2022, the average gasoline price Pb95 in Poland was PLN 6.82/l, while diesel was PLN 8.03/l. For comparison – as of October 23 – in the European Union, EU95 petrol cost on average PLN 7.49/l, and diesel oil PLN 7.67/l.

The analyst drew attention to the situation on the crude oil market. “Brent crude oil is approximately USD 2/bbl cheaper than a week ago. The war in the Middle East has not yet affected the production and supplies of oil from the region, therefore we are observing a slight reduction in the geopolitical risk premium on the market. However, the situation is dynamic” – Zywert emphasized.

E-petrol.pl analysts pointed out that the Middle East tension and the related investor uncertainty translate into “price mood swings” on oil markets. “In the past week, almost every session brought a clear change in the direction of crude oil prices. The most expensive crude oil was on Monday, when it was priced at over $92. The cheapest barrel of crude oil on the London Stock Exchange was on Wednesday, when it cost less than $87.” – they said.

On Friday evening, a barrel of Brent crude oil cost about $90. This is almost $4.5 less than a month ago.

According to analysts, confusion and unrest on the international market will “certainly” influence fuel prices next week. “The realistic vision of the escalation of the Middle East conflict may stimulate an upward change. This is one more argument for the upcoming increases in the coming days,” emphasized the representatives of e-petrol.pl.