The month starts with more expensive fuel as a result of the termination of the government’s zero tax rate on motor oil and petrol, which increases the cost of motor fuel by 8.3 cents/litre, affecting not only citizens’ transportation but also the entire retail sector.
By October-November, it is expected that a green tax will be imposed, leading to another increase in fuel prices.
Citizens are still unaware of what compensatory measures will be put in place.
The increase in consumption combined with the upward trend in oil prices has resulted in fuel prices, especially petrol and secondarily oil, following an upward trajectory.
The international Brent price is steadily rising, currently hovering around $87 per barrel, levels not seen since last October.
This generally indicates that we are unlikely to see a price de-escalation in the near future.
Last Thursday, the weekly EUR Bulletin oil report was released with reference prices from March 25, 2024.
The average price of unleaded petrol (95 octane) was €1,413.47, up from €1,403.68 a week earlier (March 18), marking an increase of 0.71%.
The average price of motor oil as of March 25 was €1,508.06, remaining stable from €1,508.63 a week earlier.
The price of heating oil in the latest measurement, according to the European price report, was €1,068, staying consistent with the previous week’s €1,069.
The average price of unleaded petrol in the EU-19 as of March 25 was €1,813.10, up from €1,794.85 a week before (March 18), showing an increase of 1.05%.
