The average price of fuel at Czech filling stations is the highest in history. This is according to CCS data. And it will get worse. Much worse.
According to them, a liter of Natural 95 petrol was sold nationwide for 38.82 crowns yesterday. The average price thus exceeded the record price of September 13, 2012, when gasoline was sold for 38.56 crowns per liter. The price of diesel was also at an all-time high yesterday. For the first time ever, it was sold for an average of more than 38 crowns per liter, specifically for 38.05.
In Prague, where fuels are traditionally the most expensive, the price of petrol is rapidly approaching the psychological level of 40 crowns per liter, which it has never reached in history. Gasoline in the metropolis reached an average of 39.42 crowns per liter yesterday and it is likely that it will reach the level of 40 crowns per liter today or tomorrow.
The reason for the dramatic rise in fuel prices in the Czech Republic is the rise in oil prices on world markets and the weakening of the koruna. Both occur or increase immediately as a result of the outbreak war in Ukraine. The koruna price of a barrel of Brent crude oil jumped to almost 2,360 crowns yesterday, the most in history, according to Bloomberg data. This price takes into account both the rise in the dollar price of the Brent barrel, which currently corresponds to about $ 100, and the weakening of the koruna against the dollar.
Banker Růžička: The war will lead to further inflation. I am waiting for a banking crisis in Russia
Energy, food and production metals will be among the first commodities to become significantly more expensive as a result of the war in Ukraine. Despite this, central banks will probably not be able to raise rates significantly, thinks Treasury Trinity Bank chief Karel Růžička. An experienced banker explains in an interview with newstream.cz how unprecedented economic sanctions work and what they will lead to.
Motorists in the Czech Republic must reckon with the fact that fuel prices will continue to rise in the coming days. Since the Russian invasion of Ukraine last week, fuel prices in the Czech Republic have become more expensive at an unprecedented rate, ranging from around 30 to 40 pennies a day. However, this already rapid rate of increase, in the case of petrol the fastest since 2010, may accelerate further. Especially if Russia, in retaliation for the weekend’s sanctions of the West, will reduce its gas or oil supplies to Europe.
Such a rapid rate of increase in reaching historically record levels is an absolute extraordinary. In general, prices tend to slow down when they reach historical highs, as they are affected by the “return to average” phenomenon. However, this phenomenon, “average magnetization”, is suppressed in the current emergency. And so it is necessary to count on the growth of fuel prices significantly above the level of 40 crowns per liter, potentially up to the range of 45 to 50 crowns per litereven in March, if the situation around Russian supplies escalates.
Military expert Sandor: Why did the Russians get stuck? Putin was far from showing what he could do
From a military point of view, it is still a matter of deploying less force than Russia has, thinks Andor Sandor, a retired general and security expert. According to him, it depends on what goals Putin pursues. With the number of troops deployed, it is definitely not about the total conquest of Ukraine. According to Sandor, he wants to conquer administrative centers. And Ukraine so decompose, and subdue it.
What will happen to Sberbank’s clients now? With their deposits or mortgages
On Monday, the Czech National Bank began the process of taking a license from Sberbank CZ. By revoking the license, the Czech Sberbank will become a joint-stock company. So it will not be a bank. They may no longer accept deposits or provide any loans, including mortgages.
>>>>>> Read all about the war in Ukraine here
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