Topic: Fuel prices hitting an eight year high - page 9. (Read 3994 times)

Here too as well. Usually I notice the price of Petrol and often I ignore the price of Diesel. Today I had to go to a petrol bunk near me and and noticed Diesel more than $1.20 Plus. Where are we moving towards. Have a plan of buying a car. So thought if it would be correct to go for a electric car or a car with either diesel or petrol. I am sure the price will increase more. Even other products price as well has gone high due to this fuel price increase. But the salary remains the same. Sad.

Fuel prices continue rising here in Greece, costing €1.89/liter for Unleaded 95 petrol and €1.60/liter for diesel. Crude oil price has settled at approximately $90 per barrel, surpassing 15% rise in price just in January, while many energy analysts predict that it will soon rise over $100/barrel.

I never expected the situation to turn like this, along with the rising inflation, higher prices and so on, is making the whole condition depressing.

That's interesting, I didn't actually know that, I thought that inflation also included gas prices, but it seems like it doesn't. The increasing inflation, along with the energy crisis (fuel, electricity prices etc.) are dramatically reducing our available income. It's astonishing because I believed that it was dying down a month ago, with Crude barrel's price going below $60-65.

And I also expect it to rise furthermore in the near future, it has an increasing trend, we're definitely going to face higher prices in the near future, while inflation is getting worse and worse.

Brent crude at $86.06 per barrel, with a bullish outlook. This is extremely concerning for oil importing countries such as China, Japan and India. And at the same time, this is going to further worsen the inflation crisis in the West. One interesting thing to note here is that the shale oil producers in the United States are ramping up their production, especially in formations such as Permian and Eagle Ford. And this influx has resulted in a spread of $2-$3 between West Texas Intermediate (WTI) crude and the Brent Crude.

The ridiculous thing about this oil crisis is that it's not even captured by the inflation figures that we have.

Fuel prices are excluded from "underlying" or "core" inflation, which means that the actual inflation figures when taking into account volatile goods is probably in the double digits for most countries now.

This is precisely why you need to diversify out of fiat assets. They WILL lose purchasing power as a function of time.

Fuel prices continue climbing once again, with Crude and Brent barrel price surpassing $84 and $86 respectively. The situation is getting out of hand, with Unleaded 95 petrol now costing €1.838 per liter, and regular diesel €1.538 per liter. Fueling up, the average car now would cost €82.70 (45 liter tank) for petrol, and almost €65 for diesel.

We're only a few months away from the upcoming tourist season in Greece, will price levels ever return to normal or will they simply continue to rise, especially when the new season starts.

The fuel prices are going high day by day because of the rise of fuel rate in the international market.
These prices are having great impact on all other things and their prices are also going high day by day in terms of fuel adjustment charges.
This is probably the eight years high price because of the reason that the economy is facing challenges after the Corona outbreak and till now they are recovering to their previous position.

Prices for fuel right now are getting lower. Here in the country, it is getting lower, but I think after a rollback, another big rise will occur soon. The reason why the price is rising this month is the shortage of fuel since the pandemic has lessened and the economy is opening. That's why the demand for fuel is getting higher but the production is still like in a pandemic situation. I am hoping that it will lower and stabilize since the price is too high and not very affordable right now. People right now do not have a lot of spare money. 

Nobody meddles in the internal politics of the Russian Federation - there the Kremlin do what they want - this is the problem of the local population, or everything suits them. It is the EU that does not want a new global war in Europe, but Putin, apart from terrorism, has no methods left to sell gas and distract his own population from internal problems. But it is good that the Russian Federation is no longer secretly terrorizing Europe economically - the EU will understand that the Russian Federation cannot be a stable partner, and the EU will be forced, "thanks" to the Russian Federation, to reduce purchases in the Russian Federation itself and allow other suppliers to enter the market and actually diversify supplies. Tantrums will be arranged by those who are sitting on Russian money from the sale of gas - Schroeder and others like him. I would not be surprised if Merkel already has an office ready and a warm, well-paid (at the expense of Europeans' wallets) position in Gazprom
But the patronage of Putin and co is starting to lose ground, not all European politicians are corrupt. Most likely, for another 2-4 years, this picture will persist until new channels for gas supply to the EU appear ... And let the Russian Federation begin to think about where to store gas and where to give it "for thanks", after the loss of consumers in the EU ... In Russia itself, there are not enough gas storage facilities; for this, storage facilities in Ukraine have always been used. And if we talk about consumers, then only in the EU politicians "lobbied" for an almost monopoly purchase from the Russian Federation, and in China it will not work to bribe ministers, the maximum they will agree to is to take gas for free, which the Russian Federation cannot sell

Wasn't aware that the embargo with Russia was still holding strong, wasn't that imposed quite a few years ago? Anyway, I'm now seeing that it dropped even further, down to $66 per barrel, it's a significant drop from the $80 range. Despite the massive drop in prices, the prices in pumps are yet to change here, in Greece, possibly trying to sell as much stock as possible, which was bought at a significantly higher price.

Oil prices are holding steady at around $70 per barrel. But it is the natural gas which is going up like crazy. In Europe and East Asia, natural gas is trading at $1,000 to $1,200 per thousand cubic meter. The oil equivalent price for LNG right now is around $200 per barrel (a few months ago, it used to be around $10 per barrel). Europe is facing a massive shortage, as Russia has refused to increase the supplies. Now they can't blame Russia as well, after imposing sanctions and embargoes on that country. On one hand they want gas from Russia, and on the other they want to interfere with Russian politics.

That is what I am saying. The crash was to be expected even though, frankly speaking I didn't know prices could ever go negative! But that bounce back then is quite unprecedented when it comes oil I suppose? I mean the whole economy went nuts with all that financial support. Pandemic is spreading and stock prices deliver one ATH after another.

I heard the oil prices went down considerably once the new variant of the covid is discovered. However, not in every country get this discounted prices and most government are still giving oil to their people at the same high rates.

It was kind of expected that fuel prices would crash during the pandemic, let's keep in mind that most countries had quarantine measures in place. However, when that ended, I never expected such rise, in such a small period. On the other hand, I wasn't surprised that fuel prices rose, since oil companies were trying to recoup their losses, but honestly, I've never seen gas costing 1.82€/liter, for regular unleaded.

I think for countries that don't have mineral resources as well as technology and can't negotiate well in the international arena, the price of imported fuel will always be high and the government can only deduct a part of the budget to limit the sharp increase in prices, the rest will be calculated into people's income and expenditure. In addition, some bad governments often take advantage of these occasions to pocket some of their own money from taxes and budgets, sometimes encounter complaints and resistance from people, they will also have a few months of adjustment but quickly, the old scenario will repeat when this event is forgotten

Currently all the market is looking at Omicron variant. This may have a strong effect in the price of oil if it is effectively confirmed to be a variant of concern for OCDE economies and for China. If that is the case, the oil will go down, not severely due to the already not that good supply lines, but probably enough to pinch the bubble. In any other case or scenario, the price is set to be even higher during at least 1 and perhaps up to 2 years while production and energy mixes adjust themselves to the new situation.

The problem is that the supply can be manipulated literally at any time. Just let the nations providing oil and gas be greedy and they can decrease supply.

But who would have expected that we are going to see 8 year record prices after the insane crash we had in early 2020 where we had even negative oil prices? It settled at $37.63 negative...

Fuel prices are increasing in the world but the reason behind is not always the same everywhere of course. For example, in my country the biggest reason is the bad management of the economy. The government policies are very wrong that they cause everything about the economy to go down sharply. And the fuel prices are also in this. I wonder until when this increase in the prices will continue.

it seems that for local gasoline prices in my country as far as I have observed, it's easy to raise it but hard to lower it. when gasoline prices increase, of course there will be many demonstrations, but they will disappear along with habits, but when world oil prices fall, the government is reluctant to lower the price, maybe because it requires extra energy to increase it again along with world oil prices.

Yes, in part it is as you say, the culture that people have is very liberal, that is, if they are bad they do not want to continue bad, as long as the government gives them a bag of food every 15 days, but in terms of progress such as university careers, the level of education drops remarkably, the professionals are not of the same quality as before, and I think that is the engine of every country, or simply those professionals do not stay in the country due to lack of opportunities and they go to other countries to practice.