Due to the war between Russia and Ukraine, oil continues to become more expensive. Concerns about a possible supply disruption from Russia are stronger than the current negotiations on the release of world oil reserves. Fuel prices have now jumped to new highs.
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Shortly before 1 p.m. CET, the price of Brent North Sea crude rose 5.3 percent to about $ 103.20 a barrel. The US light oil price WTI then gained 4.4 percent and was around $ 99.86 per barrel.
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Expensive fuels
According to analysts, the sharp rise in fuel prices is unlikely to end, and the price of petrol may rise to as much as 50 crowns per liter if Russia restricts oil supplies. According to CCS, the average fuel price is now the highest in history.
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A liter of Natural 95 petrol was sold in the Czech Republic on average for 38.82 crowns on Monday. The average price thus exceeded the record price of September 2012, when gasoline was sold for 38.56 crowns per liter. The price of diesel was also at an all-time high on Monday, with one liter costing more than 38 crowns on average for the first time ever.
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The reason for such a dramatic increase in the price of domestic fuels is the increase in the price of oil on world markets, but also the weakening of the koruna due to the war in Ukraine.
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“The fragile situation in Ukraine and sanctions against the financial and energy sectors imposed on Russia will keep the energy crisis and oil prices above $ 100 a barrel in the near future and possibly higher if the conflict continues to escalate,” said Rystad Energy analyst Louise Dickson.
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Russian oil buyers are facing several problems. The first is the difficulty of paying for oil at a time when sanctions are being imposed on Russia, which severely restricts banking transactions. The second is the acute shortage of transport vessels. However, market sentiment has been fueled by the United States and its allies negotiating a coordinated release of oil stocks. They want to reduce supply disruptions. The release could amount to 60 to 70 million barrels, the media said.
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Members of the International Energy Agency (IEA) also meet extraordinarily on Tuesday to discuss their role in stabilizing the oil market. Russia exports four to five million barrels of oil and two to three million barrels of refined products a day.
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