Current average retail prices
Refleks analysts reported on Friday that average retail prices of diesel and Pb95 petrol in Poland are currently PLN 7.88/l and PLN 6.90/l, respectively. According to data from an analytical company, the price of diesel increased by 24 cents per liter and petrol by 37 cents per liter during the week. Drivers pay PLN 21 more for a liter of autogas, and the average national price of this fuel is PLN 3.39/l.
The record at stations is getting closer
Analysts believe that next week may be the first week since October 2022 when the average national price of diesel at stations will exceed the barrier of PLN 8/l. Additionally, it may set a new historical record.
Reflex predicts that next week (March 23-27) Pb95 petrol will increase in price by 29 groszy to PLN 7.19/l, gas 98 will cost PLN 7.86/l, volj. 29 gr more per liter, drivers can pay PLN 8.19/l for diesel, i.e. 31 cents more per liter.
As analysts recalled, the current record of average diesel prices at stations in the country, set in mid-October 2022, is PLN 8.08/l “Then the VAT rate for fuels was reduced from 23% to 8%. If it were not for this, in October 2022 the average price of diesel at stations would have exceeded PLN 9/l,” they noted.
Oil price on world markets
They pointed out that in Friday morning, Brent crude oil was around $109. per barrel.
They pointed out that after the recent mutual attacks on oil infrastructure in the Middle East, the mood was softened by media reports that President Trump banned the US from further attacks on Iran’s oil infrastructure.
They also conveyed that Oil prices in Asia are breaking new records. Crude oil benchmark prices for Asian markets, which reflect the cost of importing crude oil from the Middle East region for delivery in May, increased on March 19 to nearly $167. per barrel, setting new historical records. According to experts, this means an increase of over $21 per week. per barrel. Russian oil prices are also rising. Prices of Russian Urals DAP India crude oil rose to over $118. per barrel. They added that during the week, the price of Russian Urals crude oil increased by nearly $22. on a barrel.
Key routes for the global oil market
“More than 86 percent (approx. 13 million barrels per day) oil flowing through the Strait of Hormuz oil and over 70 percent petroleum products were delivered to Asian markets,” analysts said.
They also noticed that Saudi Aramco increases crude oil exports to Asian markets from its Yanbu terminal on the Red Sea. Volumes are estimated to have increased 10-fold from approximately 0.1 million barrels per day to 1.0-1.2 million barrels.
“It is still not much, considering that before the outbreak of the war, Saudi Arabia exported about 5.4 million barrels per day of oil and 0.8 million barrels per day of petroleum products through the Strait of Hormuz, which constituted over 30% of the total export of crude oil and petroleum products from the Persian Gulf region through this route,” Refleks experts say.
