Fuel prices hitting an eight year high

[24Kt]

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

On the other hand, in my area, the increase is already at about 14 cents, which is hard for small users. And I believe, this will still continue in the world market. This war has indeed real impact in the gas sector. Our governments should look for alternative options because small consumers are getting hit hard by this oil price's increase in the world market. After this war situation, it may possibly gets worse. So we need to be prepared for what's to come.

[Lanatsa]

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

On the other hand, in my area, the increase is already at about 14 cents, which is hard for small users. And I believe, this will still continue in the world market. This war has indeed real impact in the gas sector. Our governments should look for alternative options because small consumers are getting hit hard by this oil price's increase in the world market. After this war situation, it may possibly gets worse. So we need to be prepared for what's to come.

What goes up must come down and this is the situation we are looking or seeing on on oil market.
https://tradingeconomics.com/commodity/crude-oil

It is true that those rises did really take a hit worlwide but we wont really be staying up forever.Hope that it would
decrease even more on upcoming months to come.

[bakasabo]

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

On the other hand, in my area, the increase is already at about 14 cents, which is hard for small users. And I believe, this will still continue in the world market. This war has indeed real impact in the gas sector. Our governments should look for alternative options because small consumers are getting hit hard by this oil price's increase in the world market. After this war situation, it may possibly gets worse. So we need to be prepared for what's to come.

What goes up must come down and this is the situation we are looking or seeing on on oil market.
https://tradingeconomics.com/commodity/crude-oil

It is true that those rises did really take a hit worlwide but we wont really be staying up forever.Hope that it would
decrease even more on upcoming months to come.

I agree with a quotation "what goes up, must go down", but I did not expect it to happen so quickly if we take into consideration economy of the whole world. The war still continues, sanctions are still being proposed and etc. Nothing really has change, in fact, situation got worse. Despite all that, we observe fuel prices start to go down. How is it possible? Can it be, that fuel price were increased on purpose week ago? That is was made on purpose?

[xSkylarx]

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

On the other hand, in my area, the increase is already at about 14 cents, which is hard for small users. And I believe, this will still continue in the world market. This war has indeed real impact in the gas sector. Our governments should look for alternative options because small consumers are getting hit hard by this oil price's increase in the world market. After this war situation, it may possibly gets worse. So we need to be prepared for what's to come.

The majority of the news I could find in our country indicated that those who work in the transportation industry were considering suspending their operations for the time being because they were spending more money than they were earning as a result of the current oil price, for which we can't really blame them. As we have seen, those with low incomes are the most affected, as they can barely afford to buy food due to a lack of funds, and as you can see, almost all foods are now extremely expensive and difficult to obtain; those with higher incomes are also more vulnerable.

[Rruchi man]

The majority of the news I could find in our country indicated that those who work in the transportation industry were considering suspending their operations for the time being because they were spending more money than they were earning as a result of the current oil price, for which we can't really blame them.

It seems the issue of increasing fuel prices is a global issue because in my locale, we are still experiencing same challenges, i can't say it is directly linked to the Russian-Ukraine crisis, but the cost of PMS has gone up and the increment has directly influenced the cost of other commodities. With these developments, Innovations like the Tesla and other electrically powered vehicles will be the next sort after.

Seriously we need to diversify and stop the complete dependence on fuel and petroleum products alone for power, there should be ample alternatives of power for everyone to use the one best suited to them. If this had been the case, the effects of increasing fuel price will not be as dire as it is currently.

[Ultegra134]

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

On the other hand, in my area, the increase is already at about 14 cents, which is hard for small users. And I believe, this will still continue in the world market. This war has indeed real impact in the gas sector. Our governments should look for alternative options because small consumers are getting hit hard by this oil price's increase in the world market. After this war situation, it may possibly gets worse. So we need to be prepared for what's to come.

What goes up must come down and this is the situation we are looking or seeing on on oil market.
https://tradingeconomics.com/commodity/crude-oil

It is true that those rises did really take a hit worlwide but we wont really be staying up forever.Hope that it would
decrease even more on upcoming months to come.

I agree with a quotation "what goes up, must go down", but I did not expect it to happen so quickly if we take into consideration economy of the whole world. The war still continues, sanctions are still being proposed and etc. Nothing really has change, in fact, situation got worse. Despite all that, we observe fuel prices start to go down. How is it possible? Can it be, that fuel price were increased on purpose week ago? That is was made on purpose?

Hang in there, the situation is far from de-escalation, a quick look at Oilprices.com, and you'll see that crude oil is rebounding, due to market fears regarding Russia's supply, surpassing $100 once again. Oil prices are expected to be highly volatile, till the Ukrainian issue is resolved, which isn't going to happen anytime soon.

That's sad, I was welcomed by a significantly lower price when I got to work today, but it's definitely not going to last long.

[Sithara007]

Hang in there, the situation is far from de-escalation, a quick look at Oilprices.com, and you'll see that crude oil is rebounding, due to market fears regarding Russia's supply, surpassing $100 once again. Oil prices are expected to be highly volatile, till the Ukrainian issue is resolved, which isn't going to happen anytime soon.

That's sad, I was welcomed by a significantly lower price when I got to work today, but it's definitely not going to last long.

The main concern in the market is that there will be embargoes on crude oil shipments from Russia. If Russia want to transport oil to countries such as India, then they can do so only through sea. And that means that the oil tankers need to cross the Suez channel, or the strait of Malacca. And there is always a chance that the US and it's allies may seize the cargoes at some point during the journey. If this happens, there is a shortfall in crude supply and the prices can go to astronomic levels ($300 per barrel?).

[Tahsin Kabir Kollol]

At present, there are various political decisions, including war, behind the rise in oil prices. Oil prices continue to rise due to sanctions on Russia's oil exports and various decisions by the world's largest oil producers. It is only natural that Venezuela, along with Iran, would not suddenly increase oil production in the words of other allies, including the United States, due to years of sanctions on several oil-producing countries. In order to meet their objectives, a number of countries have set conditions for increasing oil production that cannot be fully met. Current economic oil is an important regulator and it is impossible to imagine modern civilization without it. Therefore, every country is emphasizing on stockpiling of fuel instead of price to keep its energy demand and supply right so that the price of fuel continues to rise.

[bakasabo]

Oil prices are expected to be highly volatile, till the Ukrainian issue is resolved, which isn't going to happen anytime soon.

Then it is about time to buy a bicycle. Because I think Ukrainian-Russian conflict is not going to be settled this year. Even if the global war actions stops, it will always be small local skirmishes. Same that were after Crimea conflict. This seems like an endless conflict, were people dont even know or remember the reasons why it all started.

Current economical downtrend Russia is going to counter with high oil prices. I think 2022 will be the year when everyone will realize consequences if this war actions. Next year sides will figure out strategy to get business and development back. Several years it will take to rebuild, build own new business, get abroad contracts, or wait till current business who has abandoned Russian market, start to think to return. Maybe year 2025 and further will be the time when prices goes down.

[Semar Mesem]

Russia that invasion to Ukraine makes many countries worry so they do maximum stock, when a war occurs, many oil companies will reduce or stop operations so that they will make prices skyrocket. I'm sure the year now the price of oil will continue to rise because reports from many oil companies that decrease stocks decrease

[cheezcarls]

The Philippines is also experiencing pains in the growth of fuel prices. There are some organization who proposed to suspend excise tax for now, but the Philippine president declined. He said that cancelling the excise tax on fuel would mean big losses for the Philippine government to be able to pay their employees, service workers like the policemen, etc. But instead, he chose to give each poor family around $4.00 per month, which isn’t enough even for a 3rd world country.

On Monday, the city that I will live in will be having a 2-day transport strike which means all public utility vehicles aren’t gonna be on duty (e.g., jeepneys, tricycles, taxis, etc.) to cater the passengers during that day as a sign of protest in the increase of fuel and commodity prices. Good thing I didn’t sell my e-scooter which I only used it like 3 times but maintaining it by recharging every month, so I can use this when I am going to malls, etc.

[Ultegra134]

Oil prices are expected to be highly volatile, till the Ukrainian issue is resolved, which isn't going to happen anytime soon.

Then it is about time to buy a bicycle. Because I think Ukrainian-Russian conflict is not going to be settled this year. Even if the global war actions stops, it will always be small local skirmishes. Same that were after Crimea conflict. This seems like an endless conflict, were people dont even know or remember the reasons why it all started.

Current economical downtrend Russia is going to counter with high oil prices. I think 2022 will be the year when everyone will realize consequences if this war actions. Next year sides will figure out strategy to get business and development back. Several years it will take to rebuild, build own new business, get abroad contracts, or wait till current business who has abandoned Russian market, start to think to return. Maybe year 2025 and further will be the time when prices goes down.

I've got three to be honest, haven't bothered to use them yet, lol. 2022 won't only be the year that we'll realize this war's consequences, but also the year that we'll face the repercussions of Covid-19's quarantine measures and lockdowns, which have resulted in economic depression, increased inflation, fueling and energy costs.

Well, that's one more terrible year to go, I guess.

[Mahanton]

Oil prices are expected to be highly volatile, till the Ukrainian issue is resolved, which isn't going to happen anytime soon.

Then it is about time to buy a bicycle. Because I think Ukrainian-Russian conflict is not going to be settled this year. Even if the global war actions stops, it will always be small local skirmishes. Same that were after Crimea conflict. This seems like an endless conflict, were people dont even know or remember the reasons why it all started.

Current economical downtrend Russia is going to counter with high oil prices. I think 2022 will be the year when everyone will realize consequences if this war actions. Next year sides will figure out strategy to get business and development back. Several years it will take to rebuild, build own new business, get abroad contracts, or wait till current business who has abandoned Russian market, start to think to return. Maybe year 2025 and further will be the time when prices goes down.

I've got three to be honest, haven't bothered to use them yet, lol. 2022 won't only be the year that we'll realize this war's consequences, but also the year that we'll face the repercussions of Covid-19's quarantine measures and lockdowns, which have resulted in economic depression, increased inflation, fueling and energy costs.

Well, that's one more terrible year to go, I guess.

We dont know if it would be only 1 terrible year to go or would be more since we dont actually knows on what are the things that would happen in the future whether there would be more wars
or even this pandemic would never end but looking at on the current situation on which we are really already recouping up on the bad situation that we do have in past years and slowly
this pandemic come to an end and we do have other issues and problems now about the War which do really affects out commodities like Fuel and other things which do really
make our living more worst.

[MinMan]

In my country fuel price growth has stopped. They have increased for 25% in a short period of time. The prices has dropped few cents and gained sort of a stability. In my country excise tax influence greatly on fuel price, but I havent seen any changes or news in connection with tax concessions. I know that in some countries, government cover part of fuel price through excise tax reduction. What about prices in your countries?

In what country do you live? is the situation not really good on there? if yes then it's a must thing to do because people won't afford it anymore if they keep on increasing the price and what happens next is the business will collapse because they cannot get adequate customers anymore. A 25 percent increase over a short period of time is already too much but I think they have a reason with this and all people understand this already.

The OP posted this last year where the price is already high even if there is no wars that time or sanctions but how much more now? I think the op can't believe his eyes the moment he saws that fuel price have sky rocketed once again.

[Ultegra134]

Oil prices are expected to be highly volatile, till the Ukrainian issue is resolved, which isn't going to happen anytime soon.

Then it is about time to buy a bicycle. Because I think Ukrainian-Russian conflict is not going to be settled this year. Even if the global war actions stops, it will always be small local skirmishes. Same that were after Crimea conflict. This seems like an endless conflict, were people dont even know or remember the reasons why it all started.

Current economical downtrend Russia is going to counter with high oil prices. I think 2022 will be the year when everyone will realize consequences if this war actions. Next year sides will figure out strategy to get business and development back. Several years it will take to rebuild, build own new business, get abroad contracts, or wait till current business who has abandoned Russian market, start to think to return. Maybe year 2025 and further will be the time when prices goes down.

I've got three to be honest, haven't bothered to use them yet, lol. 2022 won't only be the year that we'll realize this war's consequences, but also the year that we'll face the repercussions of Covid-19's quarantine measures and lockdowns, which have resulted in economic depression, increased inflation, fueling and energy costs.

Well, that's one more terrible year to go, I guess.

We dont know if it would be only 1 terrible year to go or would be more since we dont actually knows on what are the things that would happen in the future whether there would be more wars
or even this pandemic would never end but looking at on the current situation on which we are really already recouping up on the bad situation that we do have in past years and slowly
this pandemic come to an end and we do have other issues and problems now about the War which do really affects out commodities like Fuel and other things which do really
make our living more worst.

I believe that we're going to experience a series of more expensive goods, fuel and electricity. Prices will lower towards the end of the year, however, they certainly won't return to pre-pandemic levels. Especially with the current situation in Ukraine, a possible embargo from Russia could potentially send barrel's price up to $200.

I guess that eventually, we'll have to get used to a more expensive lifestyle.

[LUCKMCFLY]

Each country has a greater restriction given the use of gasoline, especially those that have always imported gasoline, it is something normal, at the moment that Russia is blocking it, they have already made the decision not to buy Russian oil at least in the USA, and that It also affects gasoline, because gasoline is obtained from oil, and as the constant flow of oil in the world decreases, they have to depend on the Arab countries and some with high oil potential such as Venezuela, it currently surprises me how Biden is negotiating with Venezuela to guarantee the oil and therefore not suffer for it and intrinsically in Venezuela as gasoline is paid for with international tariffs, this means that the oil and gasoline business model in the world will become increasingly difficult, it will even become more expensive.

I wonder why the Americans are still tolerating this loser called Biden. When Trump was in power, the crude oil prices were hovering at around $40 per barrel. Since then the prices have risen by more than 200%. And the Russian invasion had only a small impact on this. The crude prices were already close to $100 per barrel, when Russia started its invasion. The real reason for the price rise is stupid policies from Biden, such as the termination of Keystone XL pipeline and prohibition of fracking in federal lands.

This is because of the economic sanctions that were given to Russia, but as a result, we are also suffering from the closing of those pipes. I think the war between Russia and Ukraine is the reason why the prices are higher now. If President Trump were still in office, I think Putin wouldn't be starting a war with Ukraine because he  will also start a war with Russia. That is why Putin is really eager about this because he knows that it is only an economic sanction that biden will do

I think that Biden is somewhat desperate, lately the negotiations with Venezuela have fallen apart, because the visit of the Colombian president to the White House, basically the Colombian president went to sell oil and since Colombia is much more a friend of the USA than Venezuela, the business was knocked down, the only thing is that politics was exposed, and the high lack of ethics on the part of the USA, this causes uncertainty, because the most experienced will say that Biden's despair is obvious, then this will generate that oil goes down, if the war worsens Colombia will probably suffer, because if the USA gets involved then it is the first country that the Russians will attack because they are allies of the USA, this could be greatly complicated by Biden's decisions.

[Sithara007]

I just checked the real-time crude oil prices online:
https://oilprice.com/oil-price-charts/#prices

Brent is currently trading at $107.93 per barrel, which is an increase of around 2.6x from the Trump times. That said, the Russian crude is trading at a very heavy discount. ESPO is currently trading at $85.66 per barrel, which is 21% lower when compared to the Brent prices. Sokol crude is currently trading at $89.87 per barrel. Once again, 17% lower when compared to Brent.

This is good news for importers of Russian crude, such as China and India. But at the same time, it shows the ineffectiveness of the sanctions. Russian crude is still being sold and the Europeans are importing crude from as far as Venezuela, increasing their own costs.

[Ultegra134]

I just checked the real-time crude oil prices online:
https://oilprice.com/oil-price-charts/#prices

Brent is currently trading at $107.93 per barrel, which is an increase of around 2.6x from the Trump times. That said, the Russian crude is trading at a very heavy discount. ESPO is currently trading at $85.66 per barrel, which is 21% lower when compared to the Brent prices. Sokol crude is currently trading at $89.87 per barrel. Once again, 17% lower when compared to Brent.

This is good news for importers of Russian crude, such as China and India. But at the same time, it shows the ineffectiveness of the sanctions. Russian crude is still being sold and the Europeans are importing crude from as far as Venezuela, increasing their own costs.

I never liked the idea of sanctions, I was one of the first ones to point out their ineffectiveness, which will ultimately hurt Europe more than it will hurt Russia. As you've pointed out, Russia continues exporting oil to in other Asian countries, who are of course, willing to take advantage of the lower price.

[Tony116]

I just checked the real-time crude oil prices online:
https://oilprice.com/oil-price-charts/#prices

Brent is currently trading at $107.93 per barrel, which is an increase of around 2.6x from the Trump times. That said, the Russian crude is trading at a very heavy discount. ESPO is currently trading at $85.66 per barrel, which is 21% lower when compared to the Brent prices. Sokol crude is currently trading at $89.87 per barrel. Once again, 17% lower when compared to Brent.

This is good news for importers of Russian crude, such as China and India. But at the same time, it shows the ineffectiveness of the sanctions. Russian crude is still being sold and the Europeans are importing crude from as far as Venezuela, increasing their own costs.

I never liked the idea of sanctions, I was one of the first ones to point out their ineffectiveness, which will ultimately hurt Europe more than it will hurt Russia. As you've pointed out, Russia continues exporting oil to in other Asian countries, who are of course, willing to take advantage of the lower price.

Correct!. Europe will be the one to suffer the most because it obeys the US to impose harsh sanctions on Russia. Europe is paying a very high price to buy oil from Venezuela and Iran. Besides, they also have to lift the embargo against Venezuela to be able to import oil from them.

I also predicted that sanctions would not have a big impact on Russia, because they have big business friends from Asia. China and India are very willing to buy oil from Russia at bargain prices.

[Ultegra134]

I just checked the real-time crude oil prices online:
https://oilprice.com/oil-price-charts/#prices

Brent is currently trading at $107.93 per barrel, which is an increase of around 2.6x from the Trump times. That said, the Russian crude is trading at a very heavy discount. ESPO is currently trading at $85.66 per barrel, which is 21% lower when compared to the Brent prices. Sokol crude is currently trading at $89.87 per barrel. Once again, 17% lower when compared to Brent.

This is good news for importers of Russian crude, such as China and India. But at the same time, it shows the ineffectiveness of the sanctions. Russian crude is still being sold and the Europeans are importing crude from as far as Venezuela, increasing their own costs.

I never liked the idea of sanctions, I was one of the first ones to point out their ineffectiveness, which will ultimately hurt Europe more than it will hurt Russia. As you've pointed out, Russia continues exporting oil to in other Asian countries, who are of course, willing to take advantage of the lower price.

Correct!. Europe will be the one to suffer the most because it obeys the US to impose harsh sanctions on Russia. Europe is paying a very high price to buy oil from Venezuela and Iran. Besides, they also have to lift the embargo against Venezuela to be able to import oil from them.

I also predicted that sanctions would not have a big impact on Russia, because they have big business friends from Asia. China and India are very willing to buy oil from Russia at bargain prices.

Uh, Russia is a superpower, you can't do much to actually hurt them, they could easily be self-sustainable, while their Asian neighbouring countries are huge, they could use the higher supply of oil. It's not like they imposed sanctions in a small European country, I don't get if government are actually that stupid to believe that sanctions would affect Russia.

We're going to suffer the consequences of this war, potentially worse than Russia themselves, we'll have to get used to a long-term period of higher living costs.