Fuel prices in August: diesel and gasoline are stable, autogas may become more expensive
Experts and market participants predict that the fuel market will remain relatively stable in August before the new excise taxes come into effect in September.
The decrease in global oil prices may lead to a slight decrease in the price of gasoline and diesel fuel at some gas station networks in August. At the same time, propane-butane may increase in price by another 50 kopecks/l, following the band’s prices. In general, experts and market participants predict that the fuel market will be relatively stable in August before the entry into force of new excise taxes in September. informs site authoria.
At the end of last week (July 29 – August 4), world oil prices reached the lowest values since January due to disappointing consumption forecasts in the US and China. The U.S. unemployment rate jumped to a three-year high of 4.3 percent amid weak hiring, pointing to the potential vulnerability of the U.S. economy to a recession. In China, demand for diesel fuel has declined significantly due to an increase in the number of LNG trucks and lower demand from manufacturing and construction. Crude oil imports to Asia fell to a two-year low in July due to lower demand in China and India, according to data from the London Stock Exchange.
As of the evening of Friday, August 2, compared to the previous day, the September futures of the benchmark Brent fell by $2.71 per barrel to $76.81 per barrel, while the September futures of the US West Texas Intermediate oil brand decreased by $2 .79 per barrel to $73.52 per barrel.
Disappointing data on industrial production in the US, Europe and Asia due to weak demand is increasing pessimism in oil markets. At the meeting of the ministers of the OPEC+ countries on August 1, it was decided to keep the production reduction policy unchanged, including plans to gradually lift restrictions from October.
According to the consulting agency “Naphthorin“, last week the price of diesel fuel in the group was relatively stable, tending to decrease at the end of the week. Thus, on August 2, compared to July 26, the average price of diesel fuel decreased by 60 kopecks/l to 44.28 hryvnias/l.
Thus, in August, stability is expected on the fuel market with possible minor price fluctuations for certain types of fuel. The main changes should be expected in September, when the new excise taxes will come into force.
