Why fuel prices are still too high

Incidentally, since the end of April, when the North Sea Brent variety reached its peak of more than $120 per barrel. With the current price just under $73, Brent costs around the same as at the end of February, i.e. before the Iran war.

According to the German Dekabank, the comparatively cautious reaction on the markets shows that geopolitical risks have been priced in. There is also speculation that the USA will permanently relax the sanctions against Iran. This would allow the country’s accumulated oil reserves to come onto the market and provide additional supply.

Commodities expert Barbara Lambrecht from Commerzbank said that the prospect of a normalization of supply from the Gulf region would relieve pressure on oil prices. However, she pointed out that maritime traffic through the Strait of Hormuz is only increasing gradually. We fear that “market participants here are too optimistic,” said Lambrecht.

Fuels

According to the ÖAMTC, people paid an average of 1.66 or 1.72 euros per liter of diesel for Super this week. “So you currently pay around 15 cents per liter more than before the war,” says the mobility club. “In our opinion, cheaper fuel prices should be possible. The prices for petroleum fell faster than those at local gas stations.” From the ÖAMTC’s point of view, the international quotations for diesel and gasoline, which are used by domestic suppliers as reference prices, are responsible for these surcharges.