Yesterday, the several-day stage of the often historically record sharp reduction in both petrol and diesel ended. Reason? Rising oil, which responds to the escalating fighting in Ukraine.
Fuels in the Czech Republic started to rise in price again yesterday. The average price of gasoline rose by four pennies per liter to 44.02 crowns. This is the first increase in gasoline prices since March 10. Yesterday, diesel rose by as much as nine pennies, to 46.08 crowns per liter. It can be assumed that prices will continue to rise today, and even more sharply than yesterday.
Fuels on the Rotterdam Stock Exchange have risen in price as world prices rise again. Today, Brent North Sea crude oil sells for almost $ 119.50 per barrel, the highest since March 9. Oil is becoming more expensive due to the never-ending or even escalating fighting in Ukraine.
The markets are disturbed by the recent statement by US President Joe Biden that Russia can use chemical weapons in Ukraine. If that happened, Europe would probably cut itself off Russia’s oil and gas supplies under the pressure. The EU is already considering such a step. However, this would lead to further pressure on the growth of Brent oil prices, and thus also of fuel in the Czech Republic.
Another repayment of the Russian dollar debt has taken place. Lenders are still waiting for their 66 billion
Russia has kept further commitments. It paid $ 66 billion in dollar bond interest on Monday. The payment was processed by JPMorgan Chase & Co, Reuters reported. The creditors have not yet received the payment.
The Czech government will compare prices at the Czech gas stations with prices on the Rotterdam Stock Exchange in order to assess whether margins are set unreasonably high. The first results of this comparison should be available this week. Minister of Finance Zbyněk Stanjura said over the weekend on Czech Television that he did not expect the comparison to reveal the practice of a really substantial and widespread non-objective increase in margins.
Rising oil prices are blaming warring Russia. Revenues from the sale of gas and oil are the key source of financing his invasion of Ukraine. Although the West has largely stopped buying Russian oil in line with sanctions, it is finding customers in India, for example. For example, Hindustan Petroleum last week ordered two million barrels of Russian Ural oil for delivery in June. India is Asia’s second largest importer of oil. The country is also considering paying Russia for oil instead of the dollar in Indian currency.
As a result of the invasion, Russian Ural oil sold at a historically record discount compared to Brent oil with immediate, physical delivery. The discount was over twenty dollars a barrel. However, thanks to rising oil prices, even with a discount, Russia collects much more per barrel of oil than, for example, during a pandemic.
Due to the war in Ukraine, companies are canceling investments. Their plans were swept away by a wave of uncertainty
Companies around the world have begun to cancel prepared investments due to the effects of the war in Ukraine. The pace at which they are now moving away from their plans is accelerating. The Bloomberg agency stated that the total amount is around $ 25 billion (more than 557 billion crowns).
Steel is the most expensive in history. This is due to a ban on the import of raw materials from Russia
European steel prices have reached a new record as a result of a ban on imports from Russia as part of a recently adopted fourth package of sanctions on the Kremlin for its invasion of Ukraine. The European Union is the main steel market for Russian producers, Bloomberg said.
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