With international oil prices continuing their upward trajectory, fuel prices at gas stations across the country are recording new increases, with unleaded gasoline, diesel, and LPG exceeding levels seen in the past three months. The burden is shifting to households and professionals, as transportation costs rise noticeably and strain family budgets as well as product and service transportation. The fuel market situation now strongly resembles the summer of 2022, a period when the energy crisis that followed the Russian invasion of Ukraine had led to skyrocketing prices. Today’s unleaded gasoline price is only 4 to 5 cents away from those levels.
Specifically, the price of unleaded gasoline at fuel stations now exceeds €2.11 per liter on average nationwide, approaching €2.12, while diesel moves slightly above €1.81 per liter. It should be noted that this diesel price would exceed €2 if the 20-cent subsidy at the pump didn’t exist. These are retail prices, meaning those paid by consumers and professionals at gas stations.
The price increase is also reflected in the wholesale market, at refineries, where the trend for the coming days is determined.
Fuel: “The price increase hasn’t been fully reflected at pumps yet,” say station owners
According to market data, unleaded gasoline without VAT is sold by refineries at approximately €1.60 per liter, while diesel moves close to €1.30. Compared to the previous week, these prices are increased by approximately 5 to 6 cents per liter without VAT. With the addition of tax, the increase translates to approximately 7 cents per liter.
Station owners estimate that this price increase hasn’t been fully reflected at pumps yet and warn that in the coming days, drivers shouldn’t expect price de-escalation. On the contrary, the most likely scenario is new increases of 1 to 1.5 cents per liter.
At the international level now, crude oil prices are moving upward around $110, despite a small price drop – which remains limited – following hopes from Trump’s decision to cancel a planned attack against Iran, a development that temporarily moderated fears of further escalation in the Middle East and possible disruptions to global oil supply.
Specifically, Brent crude is trading at $110.9 per barrel, while American West Texas Intermediate (WTI) crude is trading at $103.7 per barrel.
Despite today’s de-escalation, analysts point out that the market remains particularly vulnerable to geopolitical developments, with investors closely monitoring US-Iran negotiations and the situation in the Strait of Hormuz, through which a significant portion of global oil production passes.
