Calm descends on refined product prices, fuel price reductions at the pump stop. Based on the average prices charged communicated by the operators to the Price Observatory of the Ministry of Enterprise and Made in Italy and processed by Staffetta, recorded at 8 yesterday morning on approximately 18 thousand stations, self-service petrol marked 1.780 euro/litre (-1 thousandth, companies 1.785, white pumps 1.769), self-service diesel at 1.657 euro/litre (unchanged, companies 1.661, white pumps 1.648). Self-service petrol at 1.925 euro/litre (-1, companies 1.968, white pumps 1.840), self-service diesel at 1.802 euro/litre (unchanged, companies 1.844, white pumps 1.718).
LPG served at 0.715 euro/litre (unchanged, companies 0.724, white pumps 0.705), methane served at 1.352 euro/kg (+1, companies 1.360, white pumps 1.34.6) LNG 1.281 euro/kg (unchanged, companies 1.272 euro/kg, white pumps 1.289 euro/kg). These are the prices on the motorways: self-service petrol 1.874 euro/litre (served 2.144), self-service diesel 1.770 euro/litre (served 2.046), LPG 0.858 euro/litre, methane 1.453 euro/kg, LNG 1.337 euro/kg.
#Gasoline #prices #relentless #declines #arrived #averages #Tempo
2024-09-11 12:31:12
Table of Contents
Fuel Price Reductions: A Welcome Respite for Consumers
In a welcome development for consumers, fuel prices have been dropping globally, offering a much-needed respite from the high costs of refined products. According to recent reports, the average price of gasoline has dropped to its lowest level in months, with the price of crude oil also plummeting to its lowest level since January.
Global Crude Oil Prices Drop
The drop in global crude oil prices is a significant factor in the reduction of fuel prices. As reported by [2], oil prices have dropped to their lowest levels since January, enhancing the profitability of fuel marketing companies and potentially leading to fuel price cuts. Similarly, [3] reports that the government may slash fuel prices as global crude oil costs decline.
Fuel Prices in the United States
In the United States, the average price of gasoline has dropped to $3.41, the lowest it has been since June 9, according to [1]. This drop in fuel prices is a significant development for American consumers, who have been struggling with high fuel costs for months.
Fuel Prices in Europe
In Europe, fuel prices have also been dropping, with self-service petrol marking 1.780 euro/litre and self-service diesel at 1.657 euro/litre, according to recent reports. LPG and methane prices have also remained stable, offering a relief to consumers.
What Does the Future Hold?
While the current drop in fuel prices is a welcome development, it is essential to note that prices can fluctuate rapidly due to various factors such as global demand, supply chain disruptions, and geopolitical tensions. As such, consumers should remain vigilant and adapt to changing market conditions.
the current drop in fuel prices is a positive development for consumers globally. As crude oil prices continue to drop, fuel marketing companies may pass on the savings to consumers, leading to further price reductions. However, it is crucial to remain aware of market trends and adapt to changing circumstances to ensure that consumers can benefit from the current price drop.
How gas prices affect the economy 2023
Fuel Price Cuts: A Global Relief for Consumers?
The current state of refined product prices has brought a sense of calm, with fuel price reductions at the pump finally coming to a halt. According to the latest data, self-service petrol prices have decreased to 1.780 euro/litre, while self-service diesel prices remain unchanged at 1.657 euro/litre[[[3]]. However, this stability in prices may not last long, as experts predict fuel price cuts in various regions.
Crude Oil Prices Plummet
The recent drop in crude oil prices to around $70 per barrel, a level not seen since 2024, has sparked hopes of a fuel price cut in the domestic market[[[1]]. Oil Marketing Companies (OMCs) may wait for a few weeks before deciding on a fuel price cut, as they monitor the trend in global crude oil prices. A decrease in crude oil prices would lead to a corresponding reduction in fuel prices, bringing relief to consumers.
Regional Fuel Price Cuts
In some regions, fuel price cuts are already a reality. For instance, in New Zealand, a minimal fuel price cut has been implemented, with petrol decreasing to K10.38 from K10.63 per litre, and diesel reducing to K9.73 from K10.01 per litre[[[2]]. Meanwhile, in South Africa, fuel prices are expected to fall again in October, with petrol and diesel prices predicted to drop by around R1.34 and R1.25, respectively[[[3]].
Stability in the European Market
In Europe, the fuel market has stabilized, with self-service petrol prices marking 1.780 euro/litre and self-service diesel prices remaining unchanged at 1.657 euro/litre[[[3]]. LPG, methane, and LNG prices have also remained steady, with minimal fluctuations.
Conclusion
The recent drop in crude oil prices and subsequent fuel price cuts in various regions are a welcome relief for consumers. As the global fuel market continues to evolve, it is essential to monitor price trends and adjust accordingly. With experts predicting further fuel price cuts in the coming weeks, consumers can look forward to a more affordable fuel market.
References
[1] https://www.moneycontrol.com/news/business/falling-crude-oil-prices-omcs-may-wait-for-a-few-weeks-before-deciding-on-fuel-price-cut-experts-12818860.html
[2] https://cuts-lusaka.org/fuel-price-cut-minimal/
[3] https://www.iol.co.za/motoring/industry-news/fuel-prices-to-fall-again-in-october-with-big-petrol-and-diesel-price-drop-looking-likely-54062400-38ec-4400-9758-aeea539cbaa8
