Fuel prices return to July levels

Fuel prices return to July levels
Fuel prices return to July levels
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With the cut in excise duties on fuel and the increases in recent days, the prices of petrol and diesel at the pump have returned to their July levels.

From 1 January, the clear rise in the fuel prices it has certainly not gone unnoticed. According to Minister Fratin, this is speculation destined to fall within the ranks, against which the Government is ready to intervene. Yet the Government has just made a choice with the Budget Law: not to renew the discount on fuel excise duties, having decided to favor other types of aid (which, however, in most cases the very poor can enjoy of the population).

In any case, they returned to the level of the end of July i petrol and diesel prices at the pump, with the second increase in excise duties triggered on January 1, after the first levy at the beginning of December. The bearish situation on the oil markets therefore avoided an excessive shock, even if the national average prices in served mode touched the psychological threshold of 2 euro/litre.

However, it was not only excise duties that drove prices up. From January 1st, as anticipated by the Staffetta, two other items that affect prices have in fact risen:

  • the cost of blending biofuels into “fossil” fuels, which went from 5.5 to 6 cents per litre;
  • the “deltas” that the companies apply on the Platts to the resellers.

As for this second item, the Staffetta reported the first rumors of increases between 10 and 45 euros per thousand liters (equal to 1-4.5 cents/litre). Balzelli which will have effects on the extra-network and above all on the “white pumps” where the product sold by the companies to the resellers is mostly intended. Yet another “crackdown” by suppliers who since last March, in correspondence with the price peak and with the uncertainties due to the Russian invasion of Ukraine, have adopted extremely prudent policies on volumes and prices. A dynamic that could further accentuate, also in the sense of possible quotas, above all in view of the entry into force of the embargo on refined products from Russia, on February 5th.

«The price of fuel above 2 euros? Today it is only speculation ». She underlines this in an interview with The print the Minister of the Environment and Energy Security Gilberto Pichetto Brotherdefending the decision to cancel the cut in excise duties to concentrate resources on aid against high bills.

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“But if the increases should be structural – he assures – the government is ready to intervene again”. As for gas, “if the downward trend in prices continues, we would already have positive effects on bills by the end of January”. Meanwhile, the government collects the maintenance of stocks“thanks to the consumption containment plan and the mild climate” and confirms the timetable for the entry into service of the new regasification terminals.

On the halt to the cut in excise duties, the minister observes that «when the first intervention on excise duties was envisaged, with the previous government, I was deputy minister for economic development. It was done because we realized that the price above two euros per liter was unsustainable for families and businesses. During the approval phase of the Budget Law we examined the priorities and in this reasoning we decided to intervene by allocating 21 billion euros against expensive bills. With the current price levels of gas and oil, I believe that any breach of the 2 euro would be just speculation. And in any case, if the price of fuel were to grow again in a stable and significant way, the government is ready to intervene».

Returning to prices, the weekly averages of petrol, diesel and LPG prices rose sharply, while methane fell. Self-service petrol is at 1.693 euro/litre (+57 thousandths, rounded values), served at 1.841 euro/litre (+59). Diesel respectively at 1.757 euro/litre (+55) and 1.905 euro/litre (+57). LPG served at 0.774 euro/litre (+8), methane at 2.352 euro/kg (-36). The “discount” for white pumps is still at historic lows, at 2 thousandths on self-service petrol and 11.9 cents on served petrol; zeroed on self-service diesel and 11.9 cents on served. The surcharge for refueling on the motorway is slightly down compared to the ordinary network: 9.7 cents/litre for self-service petrol and 8.7 for self-service diesel, 21.3 for served petrol and 20.3 for diesel served. The trend in gross margins was still mixed: petrol at 21 cents/litre (-1.1 cents, 12-month average at 22 cents), diesel at 20.1 cents (+0.5, 12-month average at 20.2 cents).

The article is in Italian

Tags: Fuel prices return July levels