Fuel prices hitting an eight year high

[yawars20]

Same situation here in our country Pakistan.  The Price per liter is 151.5 Rupees/Ltr for refined and 105.6 Rupees/Ltr.
In last 2 years price of petroleum products dramatically increased and  almost doubled here. And if things continue like this, It could even go 200 Rupees/Ltr.
The reason of petroleum product high coast is totally depends upon supply and demand. The more we consume petroleum, The more we need and in whole world there are only few major refinery companies witch are controlling the whole supply chain. And there is dire need of Gas and Oil in all countries. Its like a energy race going on and every country want more.
Situation in our country is not so good. Average peoples are mostly effected by high fuel price and barely managing daily routine.

[AmoreJaz]

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.

it may have immediate impact on russia but they will recover. and the heavily affected of this rising of fuel prices are small consumers. it is almost doubled the price now in my area. maybe instead of using the car, just walk for short distances. lol at least exercise for us.
but on a serious note, i believe, we are already experiencing one of the effects of this war. and the prices may possibly go up more in the next coming months. but the salary is still the same. this is not fair...

[passwordnow]

Same situation here in our country Pakistan.  The Price per liter is 151.5 Rupees/Ltr for refined and 105.6 Rupees/Ltr.
In last 2 years price of petroleum products dramatically increased and  almost doubled here. And if things continue like this, It could even go 200 Rupees/Ltr.
The reason of petroleum product high coast is totally depends upon supply and demand. The more we consume petroleum, The more we need and in whole world there are only few major refinery companies witch are controlling the whole supply chain. And there is dire need of Gas and Oil in all countries. Its like a energy race going on and every country want more.
Situation in our country is not so good. Average peoples are mostly effected by high fuel price and barely managing daily routine.

It's the same in most parts of the world that the fuel prices have doubled because of the war. And we all need to consume petroleum and other oil products for our basic needs.
This impacts the whole industries because it's an energy source and this is what really happens when the source is increasing on its value and price, everything is going to be badly hit by it. Everyone has to commute to transport goods and materials, then those products that are in transport are also going to increase on its price, a domino effect.

[Ultegra134]

Same situation here in our country Pakistan.  The Price per liter is 151.5 Rupees/Ltr for refined and 105.6 Rupees/Ltr.
In last 2 years price of petroleum products dramatically increased and  almost doubled here. And if things continue like this, It could even go 200 Rupees/Ltr.
The reason of petroleum product high coast is totally depends upon supply and demand. The more we consume petroleum, The more we need and in whole world there are only few major refinery companies witch are controlling the whole supply chain. And there is dire need of Gas and Oil in all countries. Its like a energy race going on and every country want more.
Situation in our country is not so good. Average peoples are mostly effected by high fuel price and barely managing daily routine.

It's the same in most parts of the world that the fuel prices have doubled because of the war. And we all need to consume petroleum and other oil products for our basic needs.
This impacts the whole industries because it's an energy source and this is what really happens when the source is increasing on its value and price, everything is going to be badly hit by it. Everyone has to commute to transport goods and materials, then those products that are in transport are also going to increase on its price, a domino effect.

We're pretty much doomed, people got their hopes up after prices fell a few cents at the pump, however, Crude Oil has skyrocketed once again, surpassing $115/barrel for Brent, and $112 for WTI Crude Oil. The situation is certainly not going to get any better, due to the heated relations with Russia, a future embargo wouldn't surprise me at all. Let's keep in mind that Russia is exporting (or at least was, not sure), 3 million barrels per day, to Europe, a possible blockage from Russia would send oil prices to the moon.

[CaVO32]

Same situation here in our country Pakistan.  The Price per liter is 151.5 Rupees/Ltr for refined and 105.6 Rupees/Ltr.
In last 2 years price of petroleum products dramatically increased and  almost doubled here. And if things continue like this, It could even go 200 Rupees/Ltr.
The reason of petroleum product high coast is totally depends upon supply and demand. The more we consume petroleum, The more we need and in whole world there are only few major refinery companies witch are controlling the whole supply chain. And there is dire need of Gas and Oil in all countries. Its like a energy race going on and every country want more.
Situation in our country is not so good. Average peoples are mostly effected by high fuel price and barely managing daily routine.

It's the same in most parts of the world that the fuel prices have doubled because of the war. And we all need to consume petroleum and other oil products for our basic needs.
This impacts the whole industries because it's an energy source and this is what really happens when the source is increasing on its value and price, everything is going to be badly hit by it. Everyone has to commute to transport goods and materials, then those products that are in transport are also going to increase on its price, a domino effect.

Maybe, this situation is a wake up call to find alternative fuel sources. Ordinary workers are suffering from this rise of prices. But what can we do? Tighten our budget more. We don't know where to get our funds anymore to survive in this crisis. This situation is true in most parts of the world, and the only one who are not bothered are those wealthy people, who don't care whether the fuel price is already doubled in the market. We need to re-think our priorities now before we go into deep debt.

[Sithara007]

In India, GAIL (Gas Authority of India Ltd.) has signed an agreement with some of the Russian natural gas producers to import LNG cargoes from that country. The Russians are giving a steep discount. The ongoing market rates are $35 to $40 per MMBTU, while the Russians are willing to sell their cargoes for just $25 per MMBTU. This comes as a big relief for the Indian consumers, as they have been battered by very high CNG and LPG prices. In the end, this is beneficial for Russia as well. The LNG prices went up because of the sanctions. So even at a discount, Russia is making a good profit.

[Qlimaxaz]

In my country, the average gas price is around 1,73-1,9 USD. Last year it was around 1-1.5 USD, and last week it was around 2-2,5 USD. I think this is because people are manipulated extremely easily. In my country, the price increased after a few posts on social media and on news channels showing a picture of a private gas company that increased the price by almost 40%, and after that everyone went to the gas station to refill. When there is request for a product, the price increases

[passwordnow]

It's the same in most parts of the world that the fuel prices have doubled because of the war. And we all need to consume petroleum and other oil products for our basic needs.
This impacts the whole industries because it's an energy source and this is what really happens when the source is increasing on its value and price, everything is going to be badly hit by it. Everyone has to commute to transport goods and materials, then those products that are in transport are also going to increase on its price, a domino effect.

Maybe, this situation is a wake up call to find alternative fuel sources. Ordinary workers are suffering from this rise of prices. But what can we do? Tighten our budget more. We don't know where to get our funds anymore to survive in this crisis. This situation is true in most parts of the world, and the only one who are not bothered are those wealthy people, who don't care whether the fuel price is already doubled in the market. We need to re-think our priorities now before we go into deep debt.

Yeah, a wake up call that if there's an alternative, we should use it. For now, we really need to zip our pockets and only spend on most important things.
But if you're someone that doesn't care of the price hikes and you can still survive no matter what happens, it's all on you on how you're going to deal with it. Like dealing how cool you are with it and you're not problematic on it whilst many of us are dealing on it and really have to face and look for a way to at least save.

[bakasabo]

Did everyone notice, that during last two weeks, oil prices have dropped for 10-15%, but on the fuel stations we see only one or two cent reduction? How can this be explained, or how will you comment on that? I can only say that once again, someone is making nice profit on us.

Anyone have serious thoughts switching regular car to electric, or you think this fuel price growth is temporary? With two diesel cars in a family, more and more often I start to think about selling one and buying an electric car for small and regular rides.

[boyptc]

Did everyone notice, that during last two weeks, oil prices have dropped for 10-15%, but on the fuel stations we see only one or two cent reduction? How can this be explained, or how will you comment on that? I can only say that once again, someone is making nice profit on us.

That's always the case when there are price increase on the fuel. Gasoline stations are quick to add and top up those increases while if it's about a roll back, it will take time until they slash the price on their fuel products.

There's nothing we can do since it's also the government that earns from that flipflop.

Anyone have serious thoughts switching regular car to electric, or you think this fuel price growth is temporary? With two diesel cars in a family, more and more often I start to think about selling one and buying an electric car for small and regular rides.

I believe that this is just temporary. When the war is over then things are going to turn back normal but the question is when? I have no plans of switching into electric cars, it's not ideal where I am right now but in the future, I am planning to buy one.

Might you save one car and just use it very often or only on important errands to save some gas.

[Oilacris]

Did everyone notice, that during last two weeks, oil prices have dropped for 10-15%, but on the fuel stations we see only one or two cent reduction? How can this be explained, or how will you comment on that? I can only say that once again, someone is making nice profit on us.

Anyone have serious thoughts switching regular car to electric, or you think this fuel price growth is temporary? With two diesel cars in a family, more and more often I start to think about selling one and buying an electric car for small and regular rides.

They are just simply making their stocks to be fully consumed or sell out first before they would tend to make out some adjustment on the current rollback.They could'nt just go down immediately

because if they had bought the fuel stock per barrel on a higher price then its understandable that they would need to sell it all before they would be making out those new prices or dropped down.
Its business and they would not just let it to happen that they would be selling on losses which its just a normal thing for them to do so.So its not really that shocking if you do ask me.

[Lizzylove1]

Prices of fuel and diesel is high in my nation. Diesel is even worst, this is already reflecting in transportation fare and prices of food in the market, the leaders in my nation are not doing enough to see things work.

[yawars20]

It's the same in most parts of the world that the fuel prices have doubled because of the war. And we all need to consume petroleum and other oil products for our basic needs.
This impacts the whole industries because it's an energy source and this is what really happens when the source is increasing on its value and price, everything is going to be badly hit by it. Everyone has to commute to transport goods and materials, then those products that are in transport are also going to increase on its price, a domino effect.

Maybe, this situation is a wake up call to find alternative fuel sources. Ordinary workers are suffering from this rise of prices. But what can we do? Tighten our budget more. We don't know where to get our funds anymore to survive in this crisis. This situation is true in most parts of the world, and the only one who are not bothered are those wealthy people, who don't care whether the fuel price is already doubled in the market. We need to re-think our priorities now before we go into deep debt.

Yeah, a wake up call that if there's an alternative, we should use it. For now, we really need to zip our pockets and only spend on most important things.
But if you're someone that doesn't care of the price hikes and you can still survive no matter what happens, it's all on you on how you're going to deal with it. Like dealing how cool you are with it and you're not problematic on it whilst many of us are dealing on it and really have to face and look for a way to at least save.

Am a chemistry Degree holder and know better about fossil fuels. Its just a matter of time when we run out of organic sources and sooner or later its going to happen. So focusing on alternate energy source should be the first priority for us.
Many Countries already following green energy sources and they are getting very promising results.
The problem here is something else. big corporations are controlling energy sources and trying to sustain power balance. because a great source of world wealth derive from petroleum industry and if switching from petroleum to green energy start, they can potentially lose billion of $$.
Controlling prices and benefitting the conflicts between different nations, They can do so much then that.

[Freeesta]

Prices are rising not only for energy. Russia and Ukraine are the largest grain suppliers to Europe. Therefore, the high price will soon be not only for gas and electricity, but also for bread. Over the past two years, the European economy has not been in the best condition due to covid19 and now sanctions against Russia are being added. I don't know what will happen tomorrow...

[Ultegra134]

Did everyone notice, that during last two weeks, oil prices have dropped for 10-15%, but on the fuel stations we see only one or two cent reduction? How can this be explained, or how will you comment on that? I can only say that once again, someone is making nice profit on us.

Anyone have serious thoughts switching regular car to electric, or you think this fuel price growth is temporary? With two diesel cars in a family, more and more often I start to think about selling one and buying an electric car for small and regular rides.

It's most likely speculative, I work at a gas station, and I've also noticed it, however, we did see higher decreases here, the prices were still high enough for the price/barrel. Switching to electric cars isn't viable yet, they are way out of budget for the average consumer.

Prices are rising not only for energy. Russia and Ukraine are the largest grain suppliers to Europe. Therefore, the high price will soon be not only for gas and electricity, but also for bread. Over the past two years, the European economy has not been in the best condition due to covid19 and now sanctions against Russia are being added. I don't know what will happen tomorrow...

While Ukraine is accountable for its major grain exports, the increasing price in everyday goods has been rising since September - October, but now it has gotten out of hand.

[passwordnow]

Yeah, a wake up call that if there's an alternative, we should use it. For now, we really need to zip our pockets and only spend on most important things.
But if you're someone that doesn't care of the price hikes and you can still survive no matter what happens, it's all on you on how you're going to deal with it. Like dealing how cool you are with it and you're not problematic on it whilst many of us are dealing on it and really have to face and look for a way to at least save.

Am a chemistry Degree holder and know better about fossil fuels. Its just a matter of time when we run out of organic sources and sooner or later its going to happen. So focusing on alternate energy source should be the first priority for us.
Many Countries already following green energy sources and they are getting very promising results.
The problem here is something else. big corporations are controlling energy sources and trying to sustain power balance. because a great source of world wealth derive from petroleum industry and if switching from petroleum to green energy start, they can potentially lose billion of $$.
Controlling prices and benefitting the conflicts between different nations, They can do so much then that.

Thanks for that input, these oligarchs really controls the market and they won't just allow that to happen in an instant for the sake of everyone. While they can still fill their pockets, they're going to do that as much as they can before every country starts going with renewable and alternative green source of energy. The oil industry is really a huge market that they just can't let go and let the people enjoy these cheaper energy sources.

[bakasabo]

because if they had bought the fuel stock per barrel on a higher price then its understandable that they would need to sell it all before they would be making out those new prices or dropped down.
Its business and they would not just let it to happen that they would be selling on losses which its just a normal thing for them to do so.So its not really that shocking if you do ask me.

I dont feel like oil companies (at least in my country) are buying oil every day, every hour, that it could impact on current fuel prices so quickly. I believe they have huge reservoirs and have bought oil weeks or months ago. Because as far as I see, petrol station reservoirs refills are not happening 24/7. I dont see tank trucks everytime I visit fuel stations. From that I made a conclusion, that fuel station reservoirs are refilled once a months or something like that. If they are refilled such rarely, then fuel companies have huge supplies, they have bought oil long time ago and now just speculate.

[Joshapat]

Some countries previously oil producers now stated out of stock and are now an oil importer, this is certainly a strong indication that oil is increasingly difficult to make demand continues to increase, China is a country that really needs oil and is currently the world's largest so many oil companies China is expanding to many countries such as in the Middle East and Africa.

[Oasisman]

because if they had bought the fuel stock per barrel on a higher price then its understandable that they would need to sell it all before they would be making out those new prices or dropped down.
Its business and they would not just let it to happen that they would be selling on losses which its just a normal thing for them to do so.So its not really that shocking if you do ask me.

I dont feel like oil companies (at least in my country) are buying oil every day, every hour, that it could impact on current fuel prices so quickly. I believe they have huge reservoirs and have bought oil weeks or months ago. Because as far as I see, petrol station reservoirs refills are not happening 24/7. I dont see tank trucks everytime I visit fuel stations. From that I made a conclusion, that fuel station reservoirs are refilled once a months or something like that. If they are refilled such rarely, then fuel companies have huge supplies, they have bought oil long time ago and now just speculate.

Well, here in my place fuel is both have a good amount of supply and there were only few consumers compared to big cities were the streets were crowded with massive transport vehicles.
The same reason why pumping stations are gonna get a huge profit especially now that the fuel has a huge price hike because they're usually stacking enough supply.
Btw, prices were inconsistent these days, we have experience 3-4 times increase and 2 roll backs since the war began.

[Ultegra134]

Crude oil is continuing to rise relentlessly, surpassing $121 for Brent oil and $115 for WTI Crude. Soon enough, we'll see the updated prices at the pumps. Unfortunately, the decrease in prices didn't last long, while a potential embargo on oil imports from Russia would be disastrous, and it's actually something that's being discussed. To make matters worse, a damage at CPC (Caspian Pipeline Consortium) in Kazakhstan may take up to a million barrels per day (BPD) off the market.

On top of that, the Greek government, would be providing a prepaid card of €40 (or €50 for those situated in islands) to cover the increased fueling costs. It's astonishing, instead of reducing the taxes, you're been given a card which will last you a mere month at most.