The rises and falls in energy prices continue. In August, household energy prices rose again, by 4.0 percent compared to the previous month of July and by 7.2 percent compared to August 2022, according to the energy price index (EPI) calculated by the Energy Agency.
In the monthly comparison between August and July 2023, almost all energy sources have become more expensive, especially premium gasoline (+5.6 percent), diesel (+8.2 percent) and heating oil (+12.1 percent). Fuel prices rose for the third month in a row in August. According to the energy agency, this is the highest price increase for heating oil since Russia invaded Ukraine in March 2022. At the time, prices rose by 50 percent within a month.
Petrol, diesel and heating oil are also becoming more expensive
A look at current market data indicates further price increases for gasoline, diesel and heating oil, the energy agency writes. The reason for the price increase is shortages in the crude oil markets, caused by production cuts in Saudi Arabia and Russia, as well as a decline in shale gas drilling (fracking) in the US.
However, year-on-year prices for petrol (-9.1 percent) and diesel (-9.8 percent) are still cheaper. Fuel oil has also fallen by about a fifth compared to August 2022.
Gas is 80 percent more expensive this year
However, there was little relief for consumers who heat with gas or district heating. On an annual basis, prices for district heating were 64.5 percent higher. Gas has become more expensive year-on-year by almost 80 percent. Prices for district heating (+0.9 percent) and gas (+0.1 percent) also increased month-on-month.
Wood pellet prices also rose
Wood pellet prices rose 1.7 percent compared to July and were 19.2 percent cheaper year-on-year. Firewood prices were unchanged from the previous month. Compared to August 2022, they have increased by 7 percent. Electricity became 2.4 percent more expensive month-on-month and 5.4 percent cheaper year-on-year.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
