Fuels : prices at the pump continue their ascent

The addition becomes more and more expensive for motorists. Since the beginning of the year, fuel prices climb slowly but surely. The last statement published b

Fuels : prices at the pump continue their ascent

The addition becomes more and more expensive for motorists. Since the beginning of the year, fuel prices climb slowly but surely. The last statement published by the ministry of the ecological Transition indicates that the litre of diesel fuel, the most sold, worth at this time 1,4671 euro per litre on average. An increase of 5% since 1 January. The essence the most sold, the SP 95-E10, sought after for its prices traditionally lower than the other species, has jumped 11% over the same period to reach today 1,5415 euro per litre. The SP 95 is 1,5633 euro per litre and the SP-98 is sold 1,6269 euro per litre. Both displayed increases of about 11% since the beginning of the year.

On the diesel prices at the pump remain below the peaks reached last fall. In October, the fuel flowed 1,5221 euro per litre. A high level, which had been one of the triggers of the crisis of the "yellow vests" that had erupted a month later. The fuel prices were then decreased again, following in the footsteps of a barrel of oil on world markets. Brent, the global benchmark, had seen its price tumble down to touch a low of around $ 50 in December. WTI, the benchmark u.s. had followed the same downward curve. To halt this fall, the members of Opec (who control 30% of the world oil supply), and ten of their allies, including Russia, had agreed to restrict the supply of crude oil. Their strategy has paid off because since the beginning of the year, the oil prices are rising again. Brent gained 37% and WTI has taken 44%.

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This increase in the price of oil explains the rise in prices at the pump today. And the result does not look favourable to motorists. The announcement of tougher us sanctions against Iran making global markets nervous. Waiting to know what will be the response of Opec to this situation, the price of a barrel remains at a high level (74 dollars for the Brent and $ 65 for WTI). But the barrel does not alone explain the price at the pump. These also depend on the cost of distribution and, especially, taxes (VAT and TICPE), which represent almost 60% of the price of a litre of fuel.

UFIP
Updated Date: 27 April 2019, 00:00

Kathleen Lees

Lees


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