Further cuts in fuel prices are possible in Poland this week. Their scale will certainly be smaller than in the last two weeks, but you can still count on a reduction of 10-20 groszy per litre on average, according to market comments from BM Reflex analysts.
Another week of reductions in fuel prices on the wholesale market is behind us, and most importantly, a week in which we are also recording reductions at petrol stations. Although prices are not returning to the levels before the war in Ukraine, the situation is slowly starting to improve.
Lower fuel prices in Poland
The first cuts at the stations appeared for a bit over a week ago and last week the decline deepened. Petrol prices dropped by PLN 0.17 / l on average, diesel prices by PLN 0.15 / l, and autogas by PLN 0.17 per litre.
Average fuel prices as of April 7, 2022 are as follows: unleaded petrol 95 -6.50 PLN / l, unleaded 98 -6.85 PLN / l, diesel – 7.23 PLN / l and autogas – 3.68 PLN / l .
In the week before Christmas, there may be no room for further such significant price cuts, but this does not exclude further cuts. Some stations were still selling fuel from more expensive deliveries, and reductions may yet take place here. The scale of the reductions will certainly be smaller, but we can still count on a reduction of 10-20 groszy per litre on average.
On Friday, despite an upward correction in crude oil prices, Brent crude oil costs nearly USD 1 / bbl less than a week ago. Earlier, oil prices fell by more than $ 10 / barrel when the United States, followed by the IEA, announced a release of crude oil reserves totaling around 240m barrels over the next six months.
The oil market is still affected mainly by concerns about the supply of the raw material caused by the Russian-Ukrainian conflict and the position of OPEC + on a slight increase in monthly production.
No sanctions on Russian crude oil, etc
According to the statements of representatives of individual EU countries, there will be no sanctions on Russian crude oil, petroleum products and gas. The first of the energy resources to be covered by the embargo will be coal.
Meanwhile, crude oil inventories, according to EIA data, rose from 2.4mbbl to 412.4mbbl on a weekly basis and their level is still 14% below the 5-year average for the year. Crude oil production increased by 0.1 million bbl / d to 11.8 million bbl / d during the week and is 0.9 million bbl / d higher than in the previous year.
Conversely, the number of US oil and gas platforms rose from 12 to 791 in the week ended April 6, halting two weeks of decline, according to the latest Enverus data.