Filenews 19 February 2024
In one week, fuel prices rose marginally after a long period of relative stability, according to an analysis of data from the weekly bulletin EUR Bulletin oil, and for a period of reduced rate that came into effect on November 3, 2023.
It is recalled that with the implementation of the measure, consumers benefit from a reduction of 8.33 cents per liter in the prices of unleaded gasoline and diesel and a reduction of 6.33 cents per liter in the consumption tax on heating oil. The reduced rate is valid for motor fuels until February 2024, while for heating oil, the validity is from December to March 2024. However, the issue of a reduced rate on fuel for a longer period of time is on the political agenda, but it is not clear whether the recommendations of the technocrats of the Ministry of Finance who elaborate and cost the continuation of the relief measures will be the maintenance of the reduced excise duty on fuel.
What will be decided is expected to be known on Wednesday based on the overall proposal of measures that Finance Minister Makis Keravnos will submit to the Council of Ministers. The fuel price relief measures were first decided in June 2022 when the international price of crude oil was $120 per barrel.
Last Friday, Brent crude oil prices for April delivery gained 61 cents, or 0.7%, to $83.47 a barrel, their highest level since Jan. 26. On a weekly basis, it rose 1.6%.
Last Thursday, the weekly bulletin EUR Bulletin oil was announced with reference prices for 12 February 2024. The average price of 95 octane unleaded petrol was €1,359.12 from an average price of €1,341.41 a week earlier (5 February), an increase of 1.34%. The average price of diesel with reference date 12 February was €1,477.89 from €1,454.58 a week, recording a marginal increase of 1.58%.
The price of heating oil in the last measurement according to the European price bulletin was € 1,056.77 from € 1,045.92 recording an increase of 1.05%. The average price of unleaded petrol in the EU-19 with a reference date of 12 February was €1,768.84 1 from €1,752.31 a week ago (2 February), showing an increase of 0.91%. The average selling price of diesel is € 1,721.31 from € 1,705.26 recording an increase of 0.93%. The average price of heating oil in the EU-19 was €1,167.26 from €1,177.62, showing a decrease of 0.84% in one week.
From the price analysis of the European bulletin, Cyprus is the second cheapest country in the Eurozone in the selling price of 95 octane unleaded petrol and the first cheapest country is Malta with an average selling price of € 1,340. In Europe, the most expensive unleaded petrol prices are: Denmark € 2,006.76, Netherlands € 1,970, Greece € 1,872, Finland € 1,852, France € 1,844.21, Germany € 1,824, Italy € 1,839.98, Portugal € 1,706. In the selling price of diesel fuel, the lowest price is presented in Malta €1,210, followed by Cyprus €1,477.89. In the EU-27, the second cheapest country in terms of selling diesel is Bulgaria €1,352.18.
The most expensive price, based on the European bulletin, is recorded in Finland € 1,931, Denmark € 1,837.74, Netherlands € 1,820, France € 1,796.95, Belgium € 1,772.37, Ireland € 1,703.7, Germany € 1,729, Greece € 1,697. Heating oil prices are also interesting. According to the latest European bulletin, prices are: Malta €1,000, Belgium €1,001, Luxembourg €1,036, Cyprus €1,056.77, Croatia €1,045, Estonia €1,232, Germany €1,141.1, Greece €1,336. Most expensive is the selling price of heating oil in Denmark € 1,972.42, Italy € 1,582.83, Sweden € 1,319.49.
They don't see a decrease in demand
Meanwhile, OPEC's secretary-general sees strong long-term oil demand prospects, despite Saudi Arabia's decision. "Saudi Arabia's decision to postpone plans to expand oil production capacity should not be interpreted as an assessment that demand for crude is declining," Haitham Al Ghais told Reuters in Dubai on Tuesday on the sidelines of a World Summit of Governments. "First of all, I want to make it clear that I cannot comment on a Saudi decision... but this should in no way be misinterpreted as a view that demand is declining," al-Ghais said.
