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Tuesday, March 5, 2024

Refueling. What will fuel prices be at stations by the end of the year?

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Prices at gas stations should remain stable until the end of the year – say Refleks analysts. The price declines that have been ongoing since mid-November are slowly coming to an end, they added. However, the e-petrol portal points out that it may be more difficult to maintain price levels in the new year due to the wholesale price increases that have already started.

As reported by Refleks, during the week retail prices of petrol and diesel dropped on average by PLN 4 per liter, and for autogas by PLN 2. Current national averages prices are PLN 6.34 per liter of 95 petrol and PLN 6.50 per liter of diesel oil. Prices should be stable by the end of the year, Refleks analysts estimate.

As they note, diesel is on average PLN 1.14 per liter cheaper than a year ago, and EU95 petrol is PLN 19 cheaper.

However, the e-petrol portal points out that in the new year it may be more difficult to maintain low prices due to ongoing increases in wholesale price lists of domestic refineries, with the highest increase in wholesale prices for diesel oil.

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The market is watching the situation in the Red Sea

Analysts point out that the market is focused on the situation in the Red Sea, although it does not have a direct impact on disruptions in oil supply. According to data from the American EIA, in the first half of this year, 4.9 million barrels of oil and approximately 4.3 million barrels of petroleum products were transported daily through the Red Sea in both directions, using the Suez Canal and the SUMED oil pipeline connecting the Red Sea with the Mediterranean Sea, which in turn constituted approximately 12 percent. maritime transport of crude oil in the world.

According to analysts, currently most tankers with Russian crude oil pass through this route southwards China and India, which is the result of the EU embargo on Russian oil supplies introduced on December 5, 2022.

e-petrol.pl experts, in turn, estimate that the events in the Red Sea complicate crude oil logistics. Some operators redirected units to other routes. The effects of delays, which in the case of oil and fuels will severely affect European customers, will be felt for a long time, the portal estimates. As he points out, last week already brought a raise Brent oil prices around $80 per barrel, the highest since the beginning of December.

Read also: The US announced the formation of a powerful maritime coalition. Who threatens world trade?

Main photo source: Shutterstock



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