[ad_1]
Specialists name different reasons for the increase in fuel prices. One of them is the recent rise in world oil prices. Now they amount to about $ 55 (about 46 euros) per barrel (about 160 liters). At that time, in the spring of 2020, the price of a barrel of oil had fallen to 20 USD, so the fuel prices at Lithuanian gas stations had fallen.
Diesel became more expensive
According to the Center for Agricultural Information and Rural Business, compared to November last year, the price of gasoline for drivers in Lithuania increased by about 7 euro cents, to an average of 1.1 euros per liter. Gasoline for automobiles was more expensive at around 12 cents and amounted to 0.62 euros per liter.
The most expensive fuel since November last year is diesel. Those who use this fuel had to pay up to 15 cents more per liter in January, the average price of diesel at gas stations in the first month of this year was about 1.03 euros.
PHOTO GALLERY. Fuel prices in Lithuania
The center calculates the average price based on the prices of many of the major service station networks.
Prices will stay in February, then go up
Daiva Jokšienė, President of the Lithuanian Association of Petroleum Products Trading Companies, recalls that retail fuel prices are highly dependent on applicable taxes (excise duties and VAT) and wholesale product prices.
“The wholesale price of a product (gasoline, diesel, LPG) is affected by the price of oil, the dollar against the euro and is determined by the Platts index.
In January 2021, oil prices rose and are now around $ 55 a barrel. This was also reflected in the increase in prices for wholesale products, ”says D. Jokšienė.
According to the president of the LNPPA, the increase in diesel and gasoline prices throughout January began to decline in late January.
“The growth in wholesale prices in January also affected the growth in prices of retail products. If wholesale prices fall next week, fuel prices at gas stations will also fall”, shares the president of the association of gas stations.
According to D. Jokšienė, this year the demand for oil is forecast to increase compared to the demand for 2020, because last year, compared to the previous year, its significant drop was noted, which is said to respond to oil prices. fuel at gas stations. However, for now, in February, current fuel prices are likely to remain the same, predicts the LNPPA president.
Predict appreciation early
However, the chief economist of the asset management company INVL Asset Management Indrė Genytė-Pikčienė says that today there is still great uncertainty in the fuel market, so it is difficult to predict possible price changes so far.
“The prospects for oil prices depend on many unknowns.” The end of the pandemic and the moments of recovery of consumption, production and transport volumes to the crisis level, the behavior and decisions of oil exporting countries “, explains the economist.
He adds that changes in fuel prices are particularly affected by trends in the world oil market.
Impressive fuel prices during the first quarantine are a consequence of world oil prices, when the collapse of the OPEC + cartel to limit oil production to keep prices higher coincided with the decline in global oil demand due to to the pandemic.
Such an unenviable combination in the spring sent oil prices to record lows, down to nearly $ 20 a barrel. Still, oil prices on the world market have already recovered significantly, reaching $ 56 a barrel.
Therefore, fuel prices also react to this jump with some delay ”, adds I. Genytė-Pikčienė.
[ad_2]
