It also affects here in the Philippines. In my city right now, public transport drivers are planning to have a transport strike for 5 consecutive days asking the Department of Transportation to increase the jeepney fare from 10 Philippine pesos to 15 Philippine pesos. The ongoing Ukraine-Russia war plays a big factor here for increasing fuel prices as the latter was the major exporter for both oil and gas.
Most of the European countries like Germany are relying heavily on Russia’s oil and fuel exports. So cutting them off would be very challenging for them as other countries are intensifying sanctions on Russia due to Putin’s draconian moves in invading Ukraine.
P.S. Good thing that I didn’t sold my electric scooter after I only used it for like 3-4 times, just in case transport strike or any public transportation restriction happens.
Topic: Fuel prices hitting an eight year high - page 7. (Read 3974 times)
The rising fuel prices really make me worry. It was to be expected that a new major conflict is going to make the energy prices soar, but at the rate we are seeing right now is alarming. The gas stations seem to change their prices two times a day. What is very surprising right now is that Diesel prices are even more expensive than normal fuel. Diesel was usually cheaper than other fuel types, but since Russia is a big exporter for Diesel that doesn't hold true anymore.
The big issue with rising fuel prices is that we already have high inflation rates last year. Food prices are rising, construction materials are at an all time high, and now fuel and energy prices are following. If this continues than we could face a inflation spiral that will increase all other prices too. Once all the consumer prices reach new all time highs, wages have to rise also. I wonder how the politicians are going to solve that dilemma.
That's something I also noticed in the gas station. The past week or two, we've been changing the prices almost on a daily basis, it appears that diesel is increasing in larger increments than petrol. The big issue with rising fuel prices is that we already have high inflation rates last year. Food prices are rising, construction materials are at an all time high, and now fuel and energy prices are following. If this continues than we could face a inflation spiral that will increase all other prices too. Once all the consumer prices reach new all time highs, wages have to rise also. I wonder how the politicians are going to solve that dilemma.
For instance, on Wednesday, we received a notification to update the prices, petrol increased from €1.998 to €2.028, while diesel increased from €1.728 to €1.778, respectively yesterday, petrol rised from €2.028 to €2.058, and diesel up to €1.848. Thus, you can easily notice that petrol rises in increments of 2-3 cents, while diesel those of 5-7 cents. It's astonishing that these changes happen almost on a daily basis.
The rising fuel prices really make me worry. It was to be expected that a new major conflict is going to make the energy prices soar, but at the rate we are seeing right now is alarming. The gas stations seem to change their prices two times a day. What is very surprising right now is that Diesel prices are even more expensive than normal fuel. Diesel was usually cheaper than other fuel types, but since Russia is a big exporter for Diesel that doesn't hold true anymore.
The big issue with rising fuel prices is that we already have high inflation rates last year. Food prices are rising, construction materials are at an all time high, and now fuel and energy prices are following. If this continues than we could face a inflation spiral that will increase all other prices too. Once all the consumer prices reach new all time highs, wages have to rise also. I wonder how the politicians are going to solve that dilemma.
The big issue with rising fuel prices is that we already have high inflation rates last year. Food prices are rising, construction materials are at an all time high, and now fuel and energy prices are following. If this continues than we could face a inflation spiral that will increase all other prices too. Once all the consumer prices reach new all time highs, wages have to rise also. I wonder how the politicians are going to solve that dilemma.
About a month ago I wrote this in this thread:
At the time I think gas was going for $2.57/gallon or thereabouts, which was the price it'd been at for months. Now I look out my window at the local gas station and a gallon of gas is going for $4.38! That gigantic leap has happened in the past week or so (as I said in my previous post I don't track oil/gas prices), certainly it's been since the Russia/Ukraine war.
I can't imagine this is going to get any better anytime soon, and this is going to hit a lot of innocent bystanders hard in their pocketbooks. Not just in the US but around the world--I'd imagine in Europe it's even worse.
these sanctions are not hurting Russia, they might be hurting its citizens but not Putin himself. As a result, Crude oil prices have surpassed $118/barrel, which is subject to worsen in the near future.
That's the truth, brother. Putin, like all world leaders, is insulated against the effects of sanctions; it's the average citizen that takes it up the butt because of stupid, stupid political decisions.
I work at a gas station for the past 3 years, thus, I was the first to notice price fluctuations. Usually, the prices would gradually increase with the start of the tourism season, somewhere from April to June, till they stabilize somewhere in August, where it's the peak of the tourism season in Greece. Undoubtedly, fuel was always expensive in Greece, and in the past, I didn't bother much about a 2-3 cent increase, but now it has gotten out of reach. My car is sitting at almost empty, if I am to fill it up to the top, I'll need approximately 40-45 liters, which equals to approximately 90-95 euros. This is about 1/7 or 1/8th of my total monthly income. I don't really keep an eye on oil prices--or even gas prices--but I'd guess that if gas were to start going for over $4/gallon, I'd be hearing about it on the news. But even still, gas was more expensive than that back in 2004 or so, when the dollar was worth slightly less. So $3.50/gallon is high but not record-breaking high, and I know it's way more expensive in other parts of the world.
At the time I think gas was going for $2.57/gallon or thereabouts, which was the price it'd been at for months. Now I look out my window at the local gas station and a gallon of gas is going for $4.38! That gigantic leap has happened in the past week or so (as I said in my previous post I don't track oil/gas prices), certainly it's been since the Russia/Ukraine war.
I can't imagine this is going to get any better anytime soon, and this is going to hit a lot of innocent bystanders hard in their pocketbooks. Not just in the US but around the world--I'd imagine in Europe it's even worse.
Currently, we're sitting at €2.06/liter for 95 Unleaded petrol and Diesel €1.85/liter, it's astonishing that €1.75 appeared too high a few months ago, only to be proven wrong shortly after.
Our car is an SUV and damn, usually when I'm half tank it would only costs me around $30 to be full tank. But due to the continuous hike of fuel. It has come more than $40. A little amount for the others but that increase would be more and likely won't stop. There's another round of increase for the price by next week and makes me feel bad even I've already full tanked a day ago.
This makes me just want to stay at home and not go with those unimportant errands. I've read that some oil companies are going to let it go and flow into the supply with millions of barrels to at least ease this unstoppable price increase but I don't know when those supplies and when we shall feel the decrease.
About a month ago I wrote this in this thread:
At the time I think gas was going for $2.57/gallon or thereabouts, which was the price it'd been at for months. Now I look out my window at the local gas station and a gallon of gas is going for $4.38! That gigantic leap has happened in the past week or so (as I said in my previous post I don't track oil/gas prices), certainly it's been since the Russia/Ukraine war.
I can't imagine this is going to get any better anytime soon, and this is going to hit a lot of innocent bystanders hard in their pocketbooks. Not just in the US but around the world--I'd imagine in Europe it's even worse.
these sanctions are not hurting Russia, they might be hurting its citizens but not Putin himself. As a result, Crude oil prices have surpassed $118/barrel, which is subject to worsen in the near future.
That's the truth, brother. Putin, like all world leaders, is insulated against the effects of sanctions; it's the average citizen that takes it up the butt because of stupid, stupid political decisions.
I don't really keep an eye on oil prices--or even gas prices--but I'd guess that if gas were to start going for over $4/gallon, I'd be hearing about it on the news. But even still, gas was more expensive than that back in 2004 or so, when the dollar was worth slightly less. So $3.50/gallon is high but not record-breaking high, and I know it's way more expensive in other parts of the world.
At the time I think gas was going for $2.57/gallon or thereabouts, which was the price it'd been at for months. Now I look out my window at the local gas station and a gallon of gas is going for $4.38! That gigantic leap has happened in the past week or so (as I said in my previous post I don't track oil/gas prices), certainly it's been since the Russia/Ukraine war.
I can't imagine this is going to get any better anytime soon, and this is going to hit a lot of innocent bystanders hard in their pocketbooks. Not just in the US but around the world--I'd imagine in Europe it's even worse.
Crude prices are just blasting off to space. The last time I checked, Brent Crude was trading at $118 per barrel, which is almost 100% higher than the rate we were having one year back. And the biggest joke is that all of this is just helping Putin. He is earning billions of USD in additional revenue, with each $1 rise in the crude oil price. The US and it's NATO allies are becoming a laughing stock here. On one hand they are imposing embargoes which results in a price spike for crude oil. And on the other hand, Putin is getting richer as a result.
Everyone who invests in oil can become richer. We don't know Putin's personal portfolio, but with all that's happening I wouldn't be counting my money if I were him but rather think if I'll ever be able to spend all of it. If he is sentenced as a war criminal it's all for nothing and this is where things are going.
I wonder if these oil prices will end up destroying weaker fiat currencies in the EU. We all know what was happening to the lira and now more countries are facing extreme inflation and businesses that operate on tight margins and rely on road transport, like food delivery, will face bankruptcy due to gas prices going 2x. Bankruptcies will only speed up inflation and we'll all get stock market crashes similar to the one in Russia.
I started this thread back on 8th of October, recording an eight-year-high record, with petrol surpassing €1.75/liter and diesel €1.45/liter, while heating gas oil costed €1.12-1.15 if I remember correctly
Fuel prices have skyrocketed in the past few months, on a worldwide scale. Here in Greece, the average price per liter for 95 Unleaded petrol is €1.75, while for diesel it's approximately €1.45. A huge surge is also expected, in the soon-to-be launched season of heating gas oil, which is expected to start within the next few weeks, with a rumored price of at least €1.10/liter.
Currently, we're sitting at €2.06/liter for 95 Unleaded petrol and Diesel €1.85/liter, it's astonishing that €1.75 appeared too high a few months ago, only to be proven wrong shortly after.Crude prices are just blasting off to space. The last time I checked, Brent Crude was trading at $118 per barrel, which is almost 100% higher than the rate we were having one year back. And the biggest joke is that all of this is just helping Putin. He is earning billions of USD in additional revenue, with each $1 rise in the crude oil price. The US and it's NATO allies are becoming a laughing stock here. On one hand they are imposing embargoes which results in a price spike for crude oil. And on the other hand, Putin is getting richer as a result.
As you've already said, and I've mentioned in the past, that these sanctions are not hurting Russia, they might be hurting its citizens but not Putin himself. As a result, Crude oil prices have surpassed $118/barrel, which is subject to worsen in the near future. 
Crude prices are just blasting off to space. The last time I checked, Brent Crude was trading at $118 per barrel, which is almost 100% higher than the rate we were having one year back. And the biggest joke is that all of this is just helping Putin. He is earning billions of USD in additional revenue, with each $1 rise in the crude oil price. The US and it's NATO allies are becoming a laughing stock here. On one hand they are imposing embargoes which results in a price spike for crude oil. And on the other hand, Putin is getting richer as a result.
Fossil energy is still the mainstream of the world. Now many scientists have different opinions on renewable energy.
One of the reasons for the rise in oil prices is because of the outbreak of war. Many people have the intention of condemning the rise in oil prices.
New energy projects may sprout up during this time. We can keep watching.
One of the reasons for the rise in oil prices is because of the outbreak of war. Many people have the intention of condemning the rise in oil prices.
New energy projects may sprout up during this time. We can keep watching.
Fuel will always be an important issue in the future, the increasing demand for oil makes many big countries expand to many countries, the presence of alternative energy has not been able to have any impact so I believe that fuel prices can reach at least 10x in 50 years.
It would've been solved already if the governments made any efforts to switch to renewable energy and we could've possibly solved the problem of renewable energy intermittence a long time ago but no, they wanted to keep Middle East a relevant region so they continue relying on oil. This will continue as long as we have dependence on oil, probably we will only go with renewable when it's already too late.
Fuel will always be an important issue in the future, the increasing demand for oil makes many big countries expand to many countries, the presence of alternative energy has not been able to have any impact so I believe that fuel prices can reach at least 10x in 50 years.
Yes, it would take a while before sanctions on Russian oil make any difference to Putin's income. I also doubt that the EU is just going to stop buying Russian oil/gas at this time, that would probably wait till April.
If the EU stops buying Russian oil, then it will hurt them more than it will ever hurt Putin. Because Russia is the closest source of petroleum for them. Transporting all the oil from the GCC nations can be expensive. Also, the refineries in the European Union are specifically designed to process the type of crude oil that Russia produces. They require additional modifications to enable them to use crude from elsewhere. And Russia will be impacted, but not much. They can easily sell their oil at a small discount to China and India.
Two weeks ago I learned that the oil that was dispatched across my country Nigeria is mixed, and since some of the petrol stations have stopped selling, so due to this the available ones are filled up. Before now a liter is 162Naira, it increased to 165 Naira and at present, some filling station sells at 250 Naira and even with the surge in the price you will wait for nothing less than 2 hours if you are lucky to get fuel early but we still have some which sell at 162 Naira but be ready to spend the whole day at the filling station because of the queue. Some people get to the filling station as early as 6 am just to avoid the queue.
God save you guys! The under developing countries are worst hit as always. I mean even the developed countries and developing one are having issues with the petrol and diesele price hike issues and this is all because of the crude oil getting pitty heavy to extract and also distribute. The rumours are now spreading that with the Russia and Ukraine war, things gonna get pretty heated up across the globe. As a result of war, they will need fuel, inflation will rise and thus ultimately the cost will be seen rising for the common man like you and me. Since we not talking about county, or country, we talking about whole continent getting separated out from the national economy. So yup, whether its fuel or other sources, everything is going to be diamond costly!
not only limited on petrol alone but also in other necessities as well which do really sucks.If you dont find other way on getting other source of income then you would be fucked up.
Living daily would really be a struggle not only via means of transportation but also on the food that you do eat.
Two weeks ago I learned that the oil that was dispatched across my country Nigeria is mixed, and since some of the petrol stations have stopped selling, so due to this the available ones are filled up. Before now a liter is 162Naira, it increased to 165 Naira and at present, some filling station sells at 250 Naira and even with the surge in the price you will wait for nothing less than 2 hours if you are lucky to get fuel early but we still have some which sell at 162 Naira but be ready to spend the whole day at the filling station because of the queue. Some people get to the filling station as early as 6 am just to avoid the queue.
God save you guys! The under developing countries are worst hit as always. I mean even the developed countries and developing one are having issues with the petrol and diesele price hike issues and this is all because of the crude oil getting pitty heavy to extract and also distribute. The rumours are now spreading that with the Russia and Ukraine war, things gonna get pretty heated up across the globe. As a result of war, they will need fuel, inflation will rise and thus ultimately the cost will be seen rising for the common man like you and me. Since we not talking about county, or country, we talking about whole continent getting separated out from the national economy. So yup, whether its fuel or other sources, everything is going to be diamond costly!
Two weeks ago I learned that the oil that was dispatched across my country Nigeria is mixed, and since some of the petrol stations have stopped selling, so due to this the available ones are filled up. Before now a liter is 162Naira, it increased to 165 Naira and at present, some filling station sells at 250 Naira and even with the surge in the price you will wait for nothing less than 2 hours if you are lucky to get fuel early but we still have some which sell at 162 Naira but be ready to spend the whole day at the filling station because of the queue. Some people get to the filling station as early as 6 am just to avoid the queue.
The condition is becoming worse and worse with Crude and Brent oil prices surpassing $110/barrel, with an uprising trend. It achieved an almost 7% increase within 24 hours. Petrol here now costs €1.98/liter and €1.70/liter for diesel. Along with the rising inflation, which is expected to surpass 7-8% for February.
This is depressing to say the least.
This is depressing to say the least.
The answer is yes, and it is having a detrimental effect on everyone. When you consider that the vast majority of people purchased a vehicle in order to save money, our lives become more complicated. A further factor is that, as you can see, the cost of goods is rising, making it extremely difficult for those with limited financial resources to make ends meet. The future will be extremely difficult for those who earn less than the minimum wage or less than the living wage if this trend continues. wishing that it will be put an end to, as well as the war with Russia, as everyone is going insane due to the high prices at the moment
The demand for oil continues to increase while oil stocks are limited, of course, the price will continue to increase, especially when there is a war from a big country so that it will make the supply of oil less and less. I hope there won't be another war that can disrupt the global economy and of course it can happen in the long term.
Oil is needed in our everyday life so it's not surprising that the demand is heavy and oil is also hard to produce so its supply is limited, this can drive the price to rise. There is a war that happened recently and your right, the price of oil did really increase.We all wish that wars will now stop and there will be no more wars in the future because the effect is very devastating but it cant be avoided and there will be times that another new war will spark again. The effects would depend on the duration of the war or if how big is the damage. It can disrupt an economy but the economy still continues to run because they learn how to adapt.
The demand for oil continues to increase while oil stocks are limited, of course, the price will continue to increase, especially when there is a war from a big country so that it will make the supply of oil less and less. I hope there won't be another war that can disrupt the global economy and of course it can happen in the long term.
Oil is needed in our everyday life so it's not surprising that the demand is heavy and oil is also hard to produce so its supply is limited, this can drive the price to rise. There is a war that happened recently and your right, the price of oil did really increase.We all wish that wars will now stop and there will be no more wars in the future because the effect is very devastating but it cant be avoided and there will be times that another new war will spark again. The effects would depend on the duration of the war or if how big is the damage. It can disrupt an economy but the economy still continues to run because they learn how to adapt.
The condition is becoming worse and worse with Crude and Brent oil prices surpassing $110/barrel, with an uprising trend. It achieved an almost 7% increase within 24 hours. Petrol here now costs €1.98/liter and €1.70/liter for diesel. Along with the rising inflation, which is expected to surpass 7-8% for February.
This is depressing to say the least.
This is depressing to say the least.
The answer is yes, and it is having a detrimental effect on everyone. When you consider that the vast majority of people purchased a vehicle in order to save money, our lives become more complicated. A further factor is that, as you can see, the cost of goods is rising, making it extremely difficult for those with limited financial resources to make ends meet. The future will be extremely difficult for those who earn less than the minimum wage or less than the living wage if this trend continues. wishing that it will be put an end to, as well as the war with Russia, as everyone is going insane due to the high prices at the moment
The condition is becoming worse and worse with Crude and Brent oil prices surpassing $110/barrel, with an uprising trend. It achieved an almost 7% increase within 24 hours. Petrol here now costs €1.98/liter and €1.70/liter for diesel. Along with the rising inflation, which is expected to surpass 7-8% for February.
This is depressing to say the least.
This is depressing to say the least.
Jump to: