Fuel prices in the Czech Republic have fallen again since last week, and the price increase has accelerated. Natural 95 petrol is now sold at petrol stations for an average of CZK 44.41/l, which is CZK 1.41 less than a week ago. Diesel has become cheaper by CZK 1.10, to an average of CZK 45.11/l. This is according to data from CCS, a company that monitors fuel prices. According to the analyst, fuel will continue to get cheaper in the Czech Republic.
Despite the price drop, fuel is still significantly more expensive than a year ago. Drivers paid CZK 10.63 per liter less for petrol then than now, while diesel was even CZK 13.46 cheaper.
“North Sea Brent crude oil price has fallen to 98 dollars (about 2380 CZK) per barrel. However, it is excellent for drivers that wholesale margins in the European market are falling sharply, especially for petrol. As a result, the next week’s developments will be favorable to drivers. In the coming week, we expect a further 1.5 koruna per liter. Petrol will become cheaper,” said Finlord analyst Boris Tomčiak.
The cheapest fuels are now offered by petrol stations in the Pardubice region, where a liter of petrol is on average CZK 43.68, and a liter of diesel is CZK 44.66. On the other hand, the most expensive fuel is in Prague. In the capital city, a liter of petrol costs CZK 46.22 on average, while a liter of diesel costs CZK 46.55. In no other region did average prices exceed CZK 46.
Fuel prices rose sharply this year in late February and early March after the start of the Russian invasion of Ukraine. As recently as February 23, a liter of petrol averaged around CZK 37.40 and a liter of diesel around CZK 36.40. However, within two weeks after the start of the Russian invasion, the price of petrol jumped to almost CZK 47.30 per liter and the cost of diesel to almost CZK 49.60 per liter.
Since then, prices have fluctuated. Petrol started to fall from record highs by a few cents at the end of June, while diesel prices have been falling since the beginning of July.
The government has taken several measures to counter the sharp rise in fuel prices. Among other things, it reduced excise duty on petrol and diesel by CZK 1.50 per liter for four months from the beginning of June. The cabinet is considering keeping the reduced excise duty on diesel permanently. The reason is competitiveness with neighboring countries.