Oil is getting more expensive. Fuel prices will increase soon

Oil is getting more expensive.  Fuel prices will increase soon

Oil prices on world markets are rising, which affects fuel prices. Oil has reached its highest level in almost half a year, with a barrel of Brent rising from $83 to almost $89 in recent days.

The price of oil affects wholesale fuel prices in domestic refineries. Ninety-five petrol increased by over 6% within three weeks, from PLN 5,000 to PLN 5,312 per 1,000 liters. In recent days, the prices of this fuel have increased by several zlotys a day. According to the e-petrol.pl portal, since mid-March the price of 95 gasoline has increased by nearly 20 groszy per liter, and in recent days by 5 groszy, reaching the average nationwide price of PLN 6.56 per liter.

Fuel prices

The wholesale price of diesel oil increased from PLN 5,160 to PLN 5,305 per 1,000 liters, i.e. by almost 4%. In the refinery's price lists, diesel prices increased by PLN 20-60 per day, but there were many days when the wholesale price dropped.

According to data from the e-petrol.pl portal, the price of diesel oil at gas stations has not changed over the last three weeks and is on average PLN 6.69 per liter. Market analysts note that the increase in gasoline prices applies to both Europe and North America. Since the beginning of the year, prices have increased by 5-10 percent, much more than the inflation rate.

Oil is getting more expensive

Analysts point to several factors contributing to the increase in oil prices. The main one is concern about insufficient supply in the summer, when demand for fuels increases. The OPEC+ producer group lowered its production target by about 3.8 million barrels per day, which will result in a decline in global production. The situation in Russia also affects prices – Russian refineries have been targeted by drone attacks, which has reduced Russian production. Experts expect that Russia will limit production, which will further reduce supply. A delay in the export of Kurdish oil through the Turkish port of Ceyhan may also reduce supply.

Geopolitical risk factors include Houthi attacks on shipping in the Red Sea and threats against Saudi Arabia, which may result in attempts to attack its oil installations.

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