In May, household energy prices fell for the eighth time in a row. The energy price index (EPI) fell by 1.9 percent compared to the previous month of April. Compared to the same month last year, the decrease was 5.9 percent. Consumers can take advantage of this opportunity and actively search for cheaper energy rates.
However, prices remain excessively high compared to pre-crisis levels. As of September 2021, the PPI had increased by 37.3 percent, the energy agency announced on Friday.
Diesel and premium petrol cheaper
Prices for diesel (down 4.3 percent) and heating oil (down 3.1 percent) fell slightly more significantly month-on-month. Prices for premium gasoline also fell by 1.1 percent. A 50-liter tank of diesel cost around 3.5 euros less in May 2024 than in April 2024, and a tank of premium gasoline cost around 1.30 euros less. This trend is expected to continue in June.
However, year-on-year prices for all three energy sources have increased by 7.4 percent, for heating oil by 8.5 percent and for super oil by 5.5 percent from May 2023.
Pellets and firewood cheaper
Wood pellets were 1.5 percent cheaper month-on-month and 13.4 percent cheaper year-on-year. Similarly, firewood prices in May this year were down 0.3 percent compared to the previous month and down 17.4 percent compared to the same month last year.
Household gas prices fell 0.8 percent compared to April and were down 17.1 percent year-over-year. Natural gas also fell 17.3 percent year-on-year, with prices unchanged month-on-month. Electricity prices fell by 0.4 percent compared to the previous month, but increased by 2.3 percent compared to May of the previous year.
Prices remain high
Compared to pre-crisis levels (September 2021), prices for all energy sources remained significantly high. The price premium is strongest for natural gas (142.7 percent), followed by district heating (plus 76.5 percent) and domestic heating oil (plus 53.0 percent). The PPI itself was 37.3 percent higher in May than in September 2021.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
