Fuel prices in summer 2024. According to economists, they may be higher

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Fuel prices may increase during the holidays – says the Polish Economic Institute. As he reminds, holidays are a time of increased travel, which causes an increase in demand for fuel. In previous years, fuel prices in Poland were 5 percent higher during the holidays.

In the latest edition of the “PIE Economic Weekly”, published on Thursday, the Institute quotes Eurostat data, which shows that in Poland in 2020-2024 during the holiday season, the consumption of gasoline increases by 17% and diesel fuel by 8%. compared to the annual average. In the years 2021-2023 gasoline prices at gas stations in Poland during the holidays they were 5% lower. higher than in the remaining months of the year – points out PIE.

As the Institute reminds, the average fuel price in Poland in the second quarter of 2024 dropped by 3 percent; in June, the reasons for the price drop were the decline in oil prices after OPEC+'s decision to gradually withdraw from the production cuts package.

According to economists, the price reduction at Polish stations can be expected to stop in the coming weeks, because between June 3 and June 17 Brent crude oil prices increased by 8 percent, from $78.36 to $84.25. per barrel, returning to the level before the OPEC+ decision.

“Transitional season” in refineries

PIE also draws attention to the impact of seasonal factors on fuel prices. The second quarter in the refining industry is defined as the “transition season” in which refineries switch to the production of summer blends. The production of such fuel is more expensive than winter fuel – the processing process takes longer and the overall efficiency per barrel of oil is lower – it was reported.

The Polish Economic Institute is a public economic think tank. He deals with macroeconomics, energy and climate, foreign trade, economic forecasts, digital economy and behavioral economics. The Institute prepares reports, analyzes and recommendations regarding key areas of the economy and social life in Poland

Main photo source: Shutterstock



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