The Russian invasion in Ukraine is already having repercussions in France. The prices of road fuels sold in France reached new records last week, according to official figures published on Monday, while crude oil prices soared at the start of the conflict in the East.
The liter of diesel was worth 1.7415 euros on average over the week, according to figures from the Ministry of Ecological Transition arrested Friday. This is 3.64 cents more than the previous week. The super unleaded 95 was worth 1.8133 per liter on average, or 2.09 cents more. Unleaded 95-E10 increased by 3.79 cents, climbing to 1.7997 euros.
A considerable increase, while the price of gasoline has only increased in recent months in the wake of the price of oil, weighing more and more heavily on the budget of the French.
“An almost irrational nervousness of the markets”
Since the invasion of Ukraine by Vladimir Putin on February 24, the price of Brent, the benchmark for the price of oil in Europe, has soared by more than 5% in one day, from 98 (88 euros ) at 104 dollars (93 euros). Its highest level since 2014, the year of the annexation of Crimea.
“Russia is the world’s third largest producer of black gold with 10 million barrels per day, there is necessarily an almost irrational nervousness of the markets”, analyzed last week Philippe Chalmin, president of Cyclope, European research institute on materials. first, with the Parisian.
A runaway that has direct consequences, as anticipated by the French Union of Petroleum Industries (Ufip), which provided for an increase, now confirmed, of two to three cents over the week.
Gas prices may be frozen in France
Beyond oil, the panic is spreading throughout the global economy. In the front line, the sectors where Russia is an important player. The European reference price for gas, the Dutch TTF, increased by nearly 50% in one week, rising from 72.6 to 108.80 euros/MWh. That of wheat jumped 7% in 24 hours.
40% of the continent’s gas imports come from Russia. In particular via contracts signed with Gazprom. Very close to the Kremlin, the group extracts 90% of Russian gas in Siberia and in the depths of the Barents Sea (in the north of the country). But there are great disparities between Member States. Thus, France imports only 17% of Russian gas.
To guard once morest an excessive increase, the Minister of the Economy, Bruno Le Maire, announced last Wednesday that he was ready to “extend” the gas price freeze, in force since November 1, until the end of 2022.
