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Monday, December 11, 2023

Fuel prices in Orlen. Wholesale prices increase every day

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Before the parliamentary elections on October 15, the price of fuel at Orlen stations was still PLN 5.99 per liter. Unless, of course, a given station was affected by a nationwide distributor failure. We can forget about such prices. Today they are growing day by day.

The period of a heated election campaign is behind us, as drivers who refuel at Orlen stations, but not only them, can see for themselves.

As analyst and economist Rafał Mundry notes, they are constantly growing fuel prices in wholesale. “+30 cents in a week. About 5 cents up every day.”

Mundry points out that since the elections, fuel prices have increased by 40 cents and at this rate we can see “7 ahead” in November.

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What influences fuel prices?

Orlen states on its website that the following are mainly responsible for the high wholesale fuel prices:

– taxes and fees imposed on fuels, i.e. excise duty, fuel fee and VAT as well as reserve fee, – price of crude oil and finished products on global stock exchanges, – dollar’s exchange rate– conditions on the domestic market shaped by competition.

Oil is cheaper today than before the elections, which is clearly visible in the chart:

Brent crude oil 28/10/23.pngStooq.pl

As for currency prices, the American dollar currently costs PLN 4.22, which is 13 groszy less than a month ago. Euro is PLN 4.47 and is 13 cents cheaper.

Daniel Obajtek did not expect price increases

President of Orlen Daniel Obajtek on the pre-election Friday, October 13, he assured that there is no reason for fuel prices at stations to increase in the following weeks. Orlen announced that it pursues a policy of stabilizing prices and securing fuel supplies to wholesale and retail customers.

– We implement our policy in this area effectively thanks to the fact that we have diversified oil supplies and signed long-term contracts, and thanks to mergers with Lotos, Energa and PGNiG we also have greater negotiation opportunities and are much more resistant to market turmoil – noted Obajtek in an interview with the Polish Press Agency.

– Therefore, taking into account the current market situation – excluding unforeseen fluctuations or events on the market – there are no reasons for fuel prices at stations to increase in the coming weeks – added the president of Orlen. He also said that “there should be no significant increases”, among others. on Radio Plus, Minister of Development and Technology Waldemar Buda.

As Orlen explains

Orlen announced on Friday that it operates on a market basis, which means that its pricing policy is shaped taking into account the macroeconomic situation. The company indicated that it “currently monitors factors affecting fuel prices and adjusts the level of its wholesale prices to them. At the same time, it assures that it will continue its stabilization policy, trying to limit fuel price fluctuations.”

“In September and early October, the situation on the global market indicated a decline in the prices of finished fuels. However, the downward trend was interrupted due to the escalation of the situation in the Middle East,” the company said.

According to Orlen, the Palestinian-Israeli war has raised concerns about the possibility of the conflict spreading to other countries in the region, which may result in a significant reduction in the supply of oil and fuels ready for the market. Since then, prices of crude oil and finished fuels have been on an upward trend and have now returned to previous levels, the company estimates.

Main photo source: Włodzimierz Wasyluk/Forum

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