Fuel prices hitting an eight year high

[Ultegra134]

Despite the hysterical attempts of Russian propaganda to come up with at least some kind of fairy tale, how oil prices will rise and everyone will freeze without Russian gas - the market stubbornly shows that reality is far from propaganda

1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side
2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%

China and India are Russia's "best friends" 

Honestly, I find the whole situation about Europe reducing their energy consumption a little exaggerated when electric suppliers are soaring in profit. However, whether we like it or not, Europe is still way too dependent on Russia, and my opinion would be to revert the sanctions against them; it's only hurting ourselves. India, on the other hand, had been purchasing discounted oil since the start of the invasion and was reselling it for profit. One thing is certain, judging by the current situation: oil will continue to be volatile and probably won't fall below $80/barrel, unless we have severely decreased demand due to a variety of reasons, such as a recession or another Covid-19 wave.

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[batang_bitcoin]

It's even uncontrolable in our country. It's the worst economic situation that we're in. Poor people are suffering and others are trying to look for extra jobs because everything is getting unaffordable including imported goods. The oil price hike is being announced each week and it's continuous.

It's also one reason why I'm thinking of looking for another job. Because the budget that I have been allotting for our needs, it's not that much anymore.
Inflation hits too much and one biggest reason is the continuous oil price hike. I wish to see back that $70 per barrel so that things will start to decrease on its prices and with the strong interest rate of the fed, things are making it more expensive.

There might be rollbacks but the hikes are still higher.

Sometimes, I'm like poker face whenever I see these roll backs. But we've got no choice but just to be grateful with that little roll back but soon and maybe after a week or two, they'll make the increase higher and more than the roll back. It hits hard!

[trendcoin]

We encounter similar scenarios all over the world. We see the same news everywhere from the USA to China because the name of the crisis we are in is the energy crisis. The supply problem that started after the Covid virus prevented us from using the production tools efficiently. This opened the door to a period in which we could not produce as much energy as we consume. Everything looks like a storm that breaks one after another. But the preparer of this storm is a small virus. It's a tiny virus that cannot be seen with the naked eye. I guess this is what they call the butterfly effect.

[bestcoins1]

It's even uncontrolable in our country. It's the worst economic situation that we're in. Poor people are suffering and others are trying to look for extra jobs because everything is getting unaffordable including imported goods. The oil price hike is being announced each week and it's continuous. There might be rollbacks but the hikes are still higher.

In our country the price of oil for all needs has also increased and that is due to the increase in the oil used for daily fuel so that everything else also increases. And what I am afraid of is the magnitude of inflation that will occur here when the simple and poor people no longer have the effort to buy any goods because their ability has run out. And it's only the rich who don't feel destitute in their lives that perhaps the rich don't feel the effects of an increase in all goods.

[electronicash]

It's even uncontrolable in our country. It's the worst economic situation that we're in. Poor people are suffering and others are trying to look for extra jobs because everything is getting unaffordable including imported goods. The oil price hike is being announced each week and it's continuous. There might be rollbacks but the hikes are still higher.

In our country the price of oil for all needs has also increased and that is due to the increase in the oil used for daily fuel so that everything else also increases. And what I am afraid of is the magnitude of inflation that will occur here when the simple and poor people no longer have the effort to buy any goods because their ability has run out. And it's only the rich who don't feel destitute in their lives that perhaps the rich don't feel the effects of an increase in all goods.

its not going to be rich in times like this because they're also going to be robbed. if you just watch the news daily about robberies and killings, you'd be afraid to allow your family to go out.

price of gas will rocket more because Putin had sanctioned EU also through his Nordstream. their leaders are affecting the world. I might just be using bike forever. 

[Sithara007]

Despite the hysterical attempts of Russian propaganda to come up with at least some kind of fairy tale, how oil prices will rise and everyone will freeze without Russian gas - the market stubbornly shows that reality is far from propaganda

1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side
2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%

China and India are Russia's "best friends" 

Urals was trading at $90 per barrel when Brent prices were around $120 per barrel. But the discount narrowed later, as Asian countries rushed to purchase the cheaper Russian crude. And it narrowed even further as the EU nations went on a shopping spree recently, to fill their oil reserves before the embargo on Russian crude is applied. Here in India, the private refineries are complaining that the discount for Russian crude is not attractive enough to pay for the higher freight costs. And that is the reason why India recently reduced Russian crude imports.

[bakasabo]

I would like to write an update on this topic and hear your comments about fuel prices situation in your country today.

Two years ago we have complained how steadily fuel prices went up. Many remember problems with fuel availability in some countries. I remember people posting pictures of car queues to petrol station and trade limit in UK. How is current situation in your country right now? During last 2 or 3 weeks, I have noticed fuel price decline at my place. Compared to prices that were two years ago, current price petrol/diesel price is cheaper for almost 1/4 (diesel 1.56 EUR vs 2.10 EUR). Also I always remember that at winter, fuel is more expensive, compared to summer, but today petrol/diesel cost about 20 eurocents less than in june-august.

[kingvirtus09]

I would like to write an update on this topic and hear your comments about fuel prices situation in your country today.

Two years ago we have complained how steadily fuel prices went up. Many remember problems with fuel availability in some countries. I remember people posting pictures of car queues to petrol station and trade limit in UK. How is current situation in your country right now? During last 2 or 3 weeks, I have noticed fuel price decline at my place. Compared to prices that were two years ago, current price petrol/diesel price is cheaper for almost 1/4 (diesel 1.56 EUR vs 2.10 EUR). Also I always remember that at winter, fuel is more expensive, compared to summer, but today petrol/diesel cost about 20 eurocents less than in june-august.

Well, honestly, right now, the price of gasoline here in our country can be said to have dropped a little, but only a little, because I can still say that it is expensive per liter, to be honest. He never returned to the price value of 0.8–0.9 dollars per liter.

And I think it looks like it's going to take a long time, or they'll just play with its current price of 1.2 dollars per liter, so it's still a bit painful in the pocket. In reality, it's very difficult for people who are poor in life.

[Sithara007]

For the last 12 months, the price of Brent crude has remained in two digits. And for the last few weeks, it is really struggling to break even the $80 per barrel level. Remember that this is happening despite the fact that Saudi Arabia and Russia are continuing with their production cuts. Saudis have taken 1 million barrels per day offline, while Russians have reduced their output by 300,000 barrels per day. But this is not having any impact because countries such as Angola and Guyana are stepping up their crude oil output. Saudis and Russians are losing their market share, while non-OPEC nations are increasing theirs.

[DrBeer]

For the last 12 months, the price of Brent crude has remained in two digits. And for the last few weeks, it is really struggling to break even the $80 per barrel level. Remember that this is happening despite the fact that Saudi Arabia and Russia are continuing with their production cuts. Saudis have taken 1 million barrels per day offline, while Russians have reduced their output by 300,000 barrels per day. But this is not having any impact because countries such as Angola and Guyana are stepping up their crude oil output. Saudis and Russians are losing their market share, while non-OPEC nations are increasing theirs.

1. Angola and Guyana become potential terrorist attack points. this is how one of the "world's oil suppliers", often "solves" its problems.
2. The "Let's Light Up the Middle East Project", where the country from point 1 was definitely one of the scenarios, also failed and the oil market remained stable.
3. Cutting oil production has no impact as the Chinese economy is in bad shape and the outlook is even worse. And it is one of the largest consumers of oil. So the demand for oil is not so high, and even decreased.

In a word - "rosy dreams" of some countries trying to manipulate or even terrorize the market - failed !

PS There is one more news that can affect the oil market - Russia is hysterical and demands from India to refuse to pay for Russian oil in rupees. Because whatever the price of Russian oil sold to India do not draw, even 90 dollars per barrel, the same dollars Russia does not get If Russia stops supplying its oil in exchange for illiquid currency, there will be a surplus on the market, which Russia will be forced to sell "for pennies". The reason is banal: the gray fleet is no longer working so efficiently (and will soon be even smaller), China will not buy oil now, except "for 1 yuan per barrel", Russia has nowhere to store oil physically.

[Sithara007]

1. Angola and Guyana become potential terrorist attack points. this is how one of the "world's oil suppliers", often "solves" its problems.
2. The "Let's Light Up the Middle East Project", where the country from point 1 was definitely one of the scenarios, also failed and the oil market remained stable.
3. Cutting oil production has no impact as the Chinese economy is in bad shape and the outlook is even worse. And it is one of the largest consumers of oil. So the demand for oil is not so high, and even decreased.

In a word - "rosy dreams" of some countries trying to manipulate or even terrorize the market - failed !

PS There is one more news that can affect the oil market - Russia is hysterical and demands from India to refuse to pay for Russian oil in rupees. Because whatever the price of Russian oil sold to India do not draw, even 90 dollars per barrel, the same dollars Russia does not get If Russia stops supplying its oil in exchange for illiquid currency, there will be a surplus on the market, which Russia will be forced to sell "for pennies". The reason is banal: the gray fleet is no longer working so efficiently (and will soon be even smaller), China will not buy oil now, except "for 1 yuan per barrel", Russia has nowhere to store oil physically.

I don't know about Angola, but reports are emerging that Venezuela is planning to invade Guyana militarily. There is a territorial dispute between the two nations stretching for over two centuries, and Venezuela claims that the region they call as "Guayana Esequiba" (some 160,000 sq.kms, or around 80% of the area of Guyana) is legally theirs. Next Sunday, Venezuela is holding a referendum on the "Essequibo question".

Now coming to the Russian oil import to India, one of the oil tankers (NS Century) has been denied permission to offload its cargo after it was sanctioned by the US. Looks like all of a sudden the oil trade between India and Russia will come to a halt. As of now, the trade is primarily conducted using United Arab Emirates Dirham (AED), but the banks in UAE are now reluctant to process payments. Indian oil companies are now discussing with banks in Singapore and Hong Kong to process the payments.

[siniminomorocomunisakito]

Well, honestly, right now, the price of gasoline here in our country can be said to have dropped a little, but only a little, because I can still say that it is expensive per liter, to be honest. He never returned to the price value of 0.8–0.9 dollars per liter.

And I think it looks like it's going to take a long time, or they'll just play with its current price of 1.2 dollars per liter, so it's still a bit painful in the pocket. In reality, it's very difficult for people who are poor in life.

For example, petrol is a necessity, even though it is not a basic need, it is a necessity that must always be available for operations. Now. For people who have a monthly income below the average, an increase in gasoline prices, even just $0.020, will be quite noticeable. There is no way to avoid it because it is a necessity.

[leonair]

Trump had kept the oil prices in check, by removing obstacles for fracking and oil/natural gas exports from the United States. He also streamlined the approval process for the new pipelines. But after the regime change, Biden has reversed most of these policies, and as a result the crude prices have gone up by 100% and the natural gas prices have gone up by 1200%. In the end, the citizens in non-oil producing countries are going to suffer, as they will witness steep inflation rates and a weakening of their national currency.

Oil and gas are the daily necessities of people which every family needs because now a family has 1-2 cars and motorcycles which are completely dependent on oil and gas. And countries that depend on other countries for oil and gas have a lot of effect on the price of oil and gas.  On the one hand, the rate of inflection of money has increased, along with the increase in oil/gas prices, the countries are in a lot of trouble and have created a huge pressure on the common people.

[Hewlet]

Fuel prices have skyrocketed in the past few months, on a worldwide scale. Here in Greece, the average price per liter for 95 Unleaded petrol is €1.75, while for diesel it's approximately €1.45. A huge surge is also expected, in the soon-to-be launched season of heating gas oil, which is expected to start within the next few weeks, with a rumored price of at least €1.10/liter.

I've read that this spike in prices is triggered by an increase in price per barrel, due to oil companies worrying about the pandemic, while their production is limited compared to the higher demand. Have you heard anything relative? What's causing this surge in prices, could it be a one-off thing which lasts a couple of months at most?

What's the average cost of petrol/diesel in your country? Share your thoughts on what exactly is causing this crisis, which is also spiking electricity costs up, increasing the budget for the average household.

Sources:
https://www.bruegel.org/2021/09/is-europes-gas-and-electricity-price-surge-a-one-off/
https://www.bbc.com/news/business-58718148

since we've had an increase in the price of fuel, we've not seen fuel this expensive compared to what's happening now in my country. In the last four years, I still remember a little of fuel was around 200 of our Nigerian naira but it surprise me that just this fed years along the line, the price of fuel as gone as far as 800 of the Nigerian naira which is almost for four times of it normal price. And the issue with the increase in the price of fuel is that it directing affect almost all other commodities in the market. One's there is a slight surge in it price, transportation people will increase price of transport and market women will almost double the price of goods making it difficult for the average man to survive in such a condition.

[Sithara007]

Oil and gas are the daily necessities of people which every family needs because now a family has 1-2 cars and motorcycles which are completely dependent on oil and gas. And countries that depend on other countries for oil and gas have a lot of effect on the price of oil and gas.  On the one hand, the rate of inflection of money has increased, along with the increase in oil/gas prices, the countries are in a lot of trouble and have created a huge pressure on the common people.

One of the reasons for the high inflation is the rising cost of crude oil. From mid-2014 to end of 2020, crude oil prices remained at around $50 per barrel. But that changed with the election of Joe Biden as the POTUS. As a result of his policies (cancelling of Keystone XL pipeline, ban on fracking.etc), there was an immediate spike in crude prices. And then the Russo-Ukrainian war happened and the prices went up even more. Now the Israel vs Hamas war is the latest political factor which is resulting in higher crude oil prices.

[bakasabo]

So what should we expect from "Russia can neither store, not trade normally her oil" ? Fuel prices would continue to drop? Or current price decrease is just temporary?

Now coming to the Russian oil import to India, one of the oil tankers (NS Century) has been denied permission to offload its cargo after it was sanctioned by the US. Looks like all of a sudden the oil trade between India and Russia will come to a halt. As of now, the trade is primarily conducted using United Arab Emirates Dirham (AED), but the banks in UAE are now reluctant to process payments. Indian oil companies are now discussing with banks in Singapore and Hong Kong to process the payments.

As I understand, AED is another intermediary in a trading link. Adding one more link, one more hungry mouth always increases total cost of a product. As to current price decrease, it cant be connected with currency change or addition. Volatility aint that huge, it can be counted in tens of percents. Yesterday, after making my post, I paid more attention to fuel price, and they are even lower. Cant explain why. The lowest was 1.48 EUR for petrol, while I am already used to see prices to be on 1.70 EUR level.

[Ben Barubal]

Well, honestly, right now, the price of gasoline here in our country can be said to have dropped a little, but only a little, because I can still say that it is expensive per liter, to be honest. He never returned to the price value of 0.8–0.9 dollars per liter.

And I think it looks like it's going to take a long time, or they'll just play with its current price of 1.2 dollars per liter, so it's still a bit painful in the pocket. In reality, it's very difficult for people who are poor in life.

For example, petrol is a necessity, even though it is not a basic need, it is a necessity that must always be available for operations. Now. For people who have a monthly income below the average, an increase in gasoline prices, even just $0.020, will be quite noticeable. There is no way to avoid it because it is a necessity.

  No matter how expensive or high the fuel is today, drivers can't do anything but buy fuel because if they don't do it, they won't be able to use their cars. Of course, if you have a car, can you do something? isn't there either.

  That's why the only thing we can really do is allocate a lot of budget for the gas in our car and even for other things that use gasoline; that's just the way to understand. Even if there is a drop in the price of gasoline, after a few weeks, the increase will triple.

[AnonBitCoiner]

In our country the price of oil for all needs has also increased and that is due to the increase in the oil used for daily fuel so that everything else also increases. And what I am afraid of is the magnitude of inflation that will occur here when the simple and poor people no longer have the effort to buy any goods because their ability has run out. And it's only the rich who don't feel destitute in their lives that perhaps the rich don't feel the effects of an increase in all goods.

The worth of oil increased and the major reason behind its increase value is that population is increasing which use oils and another sources of energy hence the power reduces and worth increases. In my opinion the increase in the worth of all necessary materials and minerals is due to enhancement in oil price so it is necessary to keep control on the uses of oil energy in our daily use so the price will reduces to some extent.

Rich don't hesitate to buy things because they already have large amount of money so they don't need to spend according to plan but poor people always think about their pocket so they use money only for useful works. Rich people focus only on completing their dreams because they have already completed their needs whereas poor people focus to get money for just their needs and they sacrifices their wishes.

[Wakate]

We encounter similar scenarios all over the world. We see the same news everywhere from the USA to China because the name of the crisis we are in is the energy crisis. The supply problem that started after the Covid virus prevented us from using the production tools efficiently. This opened the door to a period in which we could not produce as much energy as we consume. Everything looks like a storm that breaks one after another. But the preparer of this storm is a small virus. It's a tiny virus that cannot be seen with the naked eye. I guess this is what they call the butterfly effect.

So many things had affected the price of fuel and we don't find an alternative, things might get worse with time.
As the fight between Ukraine and Russia still continues, it will be hard for the price of fuel to come down because this is one of the reasons why price of goods and food stuffs are getting expensive everyday because the means of transportation of raw materials and food items are expensive which had contributed to the hike in price of food and other materials. This war had caused severe problems to the world and something needed to be done or else the worse might happens.

[2girls]

So many things had affected the price of fuel and we don't find an alternative, things might get worse with time.
As the fight between Ukraine and Russia still continues, it will be hard for the price of fuel to come down because this is one of the reasons why price of goods and food stuffs are getting expensive everyday because the means of transportation of raw materials and food items are expensive which had contributed to the hike in price of food and other materials. This war had caused severe problems to the world and something needed to be done or else the worse might happens.

As Saudi Arabia has been the best fuel producer we all know about the fact. The have no use of it on almost when the people need it. That's why the price of water in the Saudi Arabia is high as compared to the Fuel in  Saudi Arabia.

All because they have their own wells of the Fuel through which they are supplying in other sense they are exporting these fuel to other countries and are getting their profit in some other ways of income. That's why they didn't mostly take loan from other countries and are independent.