October 6, 2022

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petroleum.  Fuel prices at stations - forecast BM Reflex, e-petrol

petroleum. Fuel prices at stations – forecast BM Reflex, e-petrol

Last week we saw price hikes at petrol stations. Unleaded gasoline 95 increased on average by 0.06 PLN per liter, and diesel by 0.08 PLN. Analysts expect the increase in crude oil prices to push up retail fuel prices as well in the last week of January.

E-Benz analysts noted that the change in crude oil prices is clear. They noted that “over the past 10 days, the price of a barrel has risen by more than 8 US dollars, so it cannot be expected that such a dynamic change will not affect prices on the Polish market.” “Incremental changes are almost certain,” they added.

The spikes were already visible this week. “Systically increasing crude oil and increases in wholesale fuel prices observed since the end of December had to be translated into increases in retail fuel prices. During the week, Pb95 gasoline rose by an average of PLN 0.06/liter to PLN 5.78/liter. , while diesel oil rose by 0.08 / 1 PLN to an average level of 5.84 PLN / liter.

According to forecasts, the last week of January will bring further increases in the retail prices of diesel and gasoline by 5-7 cents per liter on average. “Last week, wholesale prices for gasoline and diesel increased by PLN 0.11 and PLN 0.09 net, respectively, and the level of retail margins was low. For another week in a row, automobile gas became cheaper and the average is currently the domestic price of this fuel is PLN 3.11. /l” – Referred to by Raphaes Ziort of BM Reflex.

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The situation at petrol stations will change at the beginning of February when a second edition of the so-called anti-inflationary shield will be issued. It assumes, inter alia, the temporary reduction of value-added tax from 23% up to 8 percent for motor fuels: diesel oil, vital components that make up stand-alone fuels, gasoline, and LPG. According to analysts, this could lead to reductions of up to 60-70 PLN in gasoline and diesel oil prices. The law that will enter into force on February 1, 2022, This week it was the Senate. As a result of the submitted amendments, the provisions will be returned to the House of Representatives. The next session of the House of Representatives is scheduled for January 26-27.

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Crude Oil – Quotes

BM Reflex indicated that Brent crude prices recorded new highs this year at $89.50 a barrel last week. It was the highest price level since October 2014.

“The growth in the crude oil market in recent days has been driven by geopolitical risks to crude oil supplies, related to incidents in the Middle East and the tense situation on the Russian-Ukrainian border,” an e-Petrol commentary said. Gains slowed on Friday and Brent crude ended the week at $87.89 a barrel.

“Demand for fuel remains high and so far it is not clear that the accelerating wave of the coronavirus epidemic associated with the omicron variable has a negative impact on the consumption of petroleum products. In this case, threats to supply stability have emerged in recent days that have translated oil prices to their highest levels. years ago “- noted analysts.

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The price of a barrel of West Texas Intermediate oil in March shipments is $85.14 on the New York Stock Exchange in New York.

Main image source: PAP / Darek Delmanowicz