Fuel in the Czech Republic has become cheaper since last week after a long-term price increase. A liter of the best-selling petrol, Natural 95, is currently being sold in the Czech Republic for an average price of CZK 37.03, which is 17 cents less than a week ago. Diesel has become 26 cents cheaper per liter, averaging CZK 35.79 per liter, according to data from CCS, a company that monitors fuel prices.
According to BH Securities chief economist Štěpán Křeček, finally, drivers can be relieved because petrol stations will gradually start to get cheaper. “The OPEC cartel and its allies are worried about the surplus of oil on the market, which has led to a sharp drop in prices. At their meeting, they will probably agree not to increase production further,” Křeček predicted.
He noted that while just last week, a barrel of Brent crude was selling for $82 (about CZK 1,844), on Tuesday, it was only $69 (about CZK 1,552).
“The oil price has thus experienced a free fall, having fallen by 16% in a few days. Today, although the oil price is rising, it is still below $72 a barrel. The sell-off in the oil market should be translated into lower prices at the pump. However, pumpers are only moving prices by pennies so far,” Křeček said.
During November, petrol prices reached their highest level since the end of October 2012, and diesel was the most expensive since mid-October 2014, but recently prices have started to stagnate. Natural 95 is now CZK 9.28 per liter, more costly than a year ago, while drivers paid CZK 8.75 per liter less for diesel.
Drivers in the South Bohemian Region get the cheapest fuel, where a liter of petrol costs CZK 36.58 on average. Diesel is sold there for an average of CZK 35.12. On the other hand, petrol stations in Prague offer the most expensive fuels, where a liter of petrol costs on average CZK 37.68, and diesel is refueled in the capital for an average of CZK 36.48 per liter.