Categories: News

Rise in fuels: how far are we going to go?

According to official data from the Ministry of Ecological Transition issued on Friday, the price of diesel was placed at 1.62 euros and that of SP95-E10 at 1.68 euros.

The figures recall those of the back to school in september. The scenario repeats itself and prices, after a low drop last November, are rising again at the start of the year 2022.

Another price hike

Diesel fuel, the most widely used fuel in France, sold last week at 1,6214 euro per liter on average, at its highest, according to weekly figures from the Ministry of Ecological Transition last week. And in one week, its average price has increased by 3.3 cents.

the SP95-E10, the best-selling type of gasoline, had a price of 1,6821 euros, an increase of more than 2 cents compared to the previous record already established the previous week.

This increase in prices at the pump follows that of oil. The price per barrel for March expiry exceeded 86.4 dollars this week.

Supply disruptions in producing countries

There are several factors that have contributed to this rebound. In particular, there were several production interruptions in Libya, to Nigeria or even in Angola. More recently, there have even been stops at Canada due to extreme cold.

If we take the example of Nigeria, the country produces 0,5 million fewer barrels per day since mid-2020, i.e. 1.4 million barrels/day. Angola’s supply has also been declining since 2016, now reaching 1.2 million barrels/day.

If prices at the pump follow the price of a barrel of oil, they also obey several other factors. There is the euro-dollar exchange rate, the level of stocks of petroleum products, the many taxes…

As a reminder, last October, faced with this price increase, Prime Minister Jean Castex announced an “inflation allowance” of 100 euros awarded to nearly 38 million French people. Several brands had also made offers for customers of their service stations.

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