Diesel is once again cheaper than petrol. It hasn’t happened since August. The decline that began on February 11 has stabilized and diesel now travels steadily below the price of petrol. Second the processing of Lab24 on the latest data from the Observatory on fuel prices updated on 20 February, diesel cost an average of 1.831 euros per litre, with the highest provincial average price in Bolzano (1.898) and the lowest in Ancona (1.782). The average price of petrol was instead 1.858 euros per litre. The province where the average price is highest was Nuoro, while Ancona was the lowest.
The weight of the excise duty
«Normally the international prices of diesel in the winter period tend to be higher than those of petrol», explains Claudio Spinaci, president of Unem: «In normal times this situation was not perceived by the consumer as the price differential between the two products could reach 3-4 euro cents per litre, in favor of diesel, and was more than compensated for by the 11 cents less excise duty on this product. In August, the feared lower availability of diesel due to the embargo on Russian imports, on which Europe depends for about 30% of its needs, triggered a buying rush to secure diesel supplies for the winter, leading this delta to exceed 30 euro cents per litre, canceling all the tax advantage».
Stocks high
«These tensions then eased with the progressive rebalancing of the international markets and since November a clear downward trend has emerged which today brought both products back close to pre-war levels, with a price gap back to historical levels. Moreover, the first shipments from China are also arriving in Europe, which increased its export quotas towards the end of 2022. And the entry into force of the embargo on Russian products on February 5 did not produce any particular jolts. Then it should not be forgotten that, as for gas, diesel stocks are high, temperatures are all in all mild and we are approaching a period in which the demand for diesel tends to decrease unlike that of petrol”, he concludes the president of Unem.
The decline in demand
Davide Tabarelli, president of Nomisma Energia, also confirms the high level of stocks reached in view of the Russian embargo and, among the causes of the low price of diesel, adds: «The demand for transport and heating, especially in Germany, it’s slowed down. Russia sells both crude oil and refined products cheaply. And we buy diesel made with Russian oil from India and the Middle East. Finally, China is not importing much, despite the recovery.
