Rising Fuel Prices: Impact of Oil Prices and Summer Holidays on Fuel Costs

2023-08-02 05:17:13

Fuel prices have just risen once more, and are at their highest level for three months. In question: the increase in the price of a barrel of oil, but also the summer holidays.

Prices are going up once more. After returning to a more or less stable level in recent months, fuel prices have been rising once more for several weeks, and are currently at their highest level since April. If the price of the barrel is rising, it is also the summer period which induces stronger demand and therefore a rise in prices.

Over the past three weeks, on average, unleaded 95 has increased by 8 cents, to 1.89 euros per litre, while diesel has increased by 7 cents to 1.74 euros per litre.

This increase is explained in particular by the increase in the price of a barrel of oil, which soared by 15% in one month due to the drop in production in the major exporting countries.

An increase in demand for summer holidays

But that’s not all. During this summer vacation period, many French people use their vehicle to travel and the demand for fuel is high, which induces a rise in prices. This cyclical effect should however subside by the end of August, and prices should come back down slightly. However, they will not return to their level of April, since they are linked to the rise in the price of a barrel.

In addition, large differences remain depending on the locality in which the consumers are located. There are thus differences of up to 30 cents between two stations, depending on where it is located. In case of full to do on the roads, it is necessary in particular to privilege the stations of the national roads to those of the motorways, which are often much more expensive.

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