Has the long-term rising price of petrol already reached its ceiling? Analyst’s clear answer – TVNOVINY.sk

In recent weeks, Slovak motorists have been leaving more and more money at petrol stations. Fuel prices are breaking records. The good news is that, according to the expert, petrol and diesel have already hit the ceiling. However, cheapening will not come so soon.

Last May, drivers enjoyed historical refueling lows. A liter of petrol cost just under 1.1 euros, diesel even approached one euro. After the start of the economy, which was caused by the pandemic, oil prices jumped up. As a result, we have been refueling the most expensive in seven years for the last few months.

The price of gasoline is at its peak

The average price of petrol has now stopped at 1.5 euros per liter. At petrol stations, which are in richer regions and on busy sections, the price tags on the boards are even higher.

“In the last two weeks, oil prices on world markets have fallen slightly, so the pace of fuel prices in Slovakia is also slowing down. In the coming weeks, a slight increase in prices by one to two cents is still possible, especially for diesel, “said commodity analyst Boris Tomčiak.

In practice, this means that we have so far encountered a price cap on fuels. The question is whether the curve will break and cheapening will begin.

“A drop in prices cannot be expected in November. And given the continuing excess of demand over oil supply in the world, December should not be more favorable for drivers, “added the analyst.

This is due to the economic boom in the world, thanks to which there is a very high demand for energy commodities.

“In the first quarter of 2022, however, the situation could be more favorable for drivers, as production growth in the USA can be expected,” Tomčiak cautiously estimated.

Compared to last year, the price of gasoline increased by about 40 cents per liter. In recalculation, this means that in May 2020 you refueled 50 liters of petrol for less than 54 euros, currently you pay more than 74. The difference is 20 euros for one average tank. For diesel it is 19 euros.