(Update 10/19) Gasoline and Diesel Price vs Oil Price: We are once again in a seemingly endless energy crisis, as a result of the impact of the COVID-19 crisis, and more recently, the war between Ukraine and Russia.
So, as you can imagine, all this means increases in the prices of electricity, gas, and of course, fuel. Something that affects our country a little more, since Portugal has never been known for having cheap fuels, such is the tax burden on this liquid.
But there it is, 2022… Well, it’s been something…
In 2022, in addition to the tax burden, there has been an apparent lack of correlation between the value of a barrel of oil and fuel prices at gas stations. Especially now that winter is approaching, and energy costs seem to rise as the cold approaches.
So, to get a little idea of what is happening, and in fact, what will happen in the future, it is worth looking a little at the ups and downs of the past, to understand what is happening, and of course, what will happen in the very near future.
At the same time, it also helps us to understand, or become even more confused, about the relationship “Oil Price vs Fuel Price”. Let’s do it?
(Special) Fuel Prices vs Oil Prices
Therefore, above, we have the average prices of the most popular fuels in the national territory, in the last months, aggregated by the platform precoscombustiveis.dgeg.gov.pt. As well as the value of a barrel of oil (BRENT), in international markets, also in recent months, aggregated by the platform pt.investing.
What is the conclusion?
Oil, despite price increases that seem to be related to the devaluation of the euro against the dollar, and also to the costs of refining, is again on a downward trend. Whether this means a drop in fuel prices next week… Well… We’ll have to wait and see.
It’s just that last week the increase in raw material was negligible, but that didn’t hold back, in any way, the gas stations.
In fact, just look at the graph and table to conclude that, according to the current price of a barrel in the markets, the price of Gasoline and Diesel should be considerably lower.
Also, are you aware of how prices change in Portugal? Draw your own conclusions, and share your opinion with us in the comments below.