According to the experts consulted by eitb.eus, the uncertainty of a market as volatile as that of fuels will be felt in the coming months.
Euskaraz irakurri: Europak could use a diesel fuel: Igoko al da erregaiaren prezioa gasolindegietan?
This Sunday the total ban import to Europe Russian petroleum products. It is one of many sanctions against the Kremlin that experts consulted by eitb.eus say will have short-term side effects when it comes to refueling.
Massimo Cermelli Deusto Business School professor assures that there will be one in the coming months delivery restriction which will be accompanied by the cutting of diesel supply by Russia.
Moreover, Cermelli adds more tension to the equation: China’s sudden reactivation is bad news for Europe, as it faces more competition to power itself from now on. According to the International Energy Agency, China could account for 80% of the additional volume of liquefied gas coming onto the world market this year. All this, the expert confirms, will make the price of diesel is rising.
This increase will affect all sectors, says Inés Cardenal, Director of Communications and Legal Affairs of the Spanish Association of Petroleum Product Operators, because Europe is largely dependent on Russia for its diesel supply. It is not surprising that, despite the sanctions in 2022, more than 44% of the import of this fuel came from Russia.
To solve this serious supply problem and overcome the heavy dependence on Russian diesel, Europe must now look at other markets such as the United States, the Middle East or India.
fuels rise
The uncertainty of a market as volatile as that of fuels is already starting to be felt in the fuel prices. Gasoline and diesel rose by 20% and 16.7% respectively in January and became more expensive by 1.5% and 1% in the past week.
The liter of petrol with an octane number of 95 cost an average of 1.66 euros last week, while the diesel cost 1.7 euros. However, both fuels are still far from the all-time highs they recorded in June 2022 (1.94 and 1.9 euros per liter respectively).
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
