2023-08-08 14:34:41
Under the effect of the rise in oil prices on the markets, the prices of unleaded fuel 95 and diesel have soared again since the beginning of the summer, after a spring lull. Diesel fuel and SP95-E10 unleaded gasoline sold on average 14 and 11 cents more expensive than at the beginning of July, according to data stopped Friday – and published Monday – by the Ministry of Ecological Transition.
In service stations, diesel cost on average, Friday, 1.8064 euros per liter, or 6.7 cents more than the previous week. Unleaded 95-E10 sold for 1.8953 euros (+ 2.8 cents) and unleaded 95 for 1.9103 euros (+ 1.73 cents). In the middle of the summer holidays, motorists find price levels that had not been seen since April.
These new increases are explained by the increase in oil prices on the markets, currently near their highest in three months, in a context of voluntary production cuts in Saudi Arabia and Russia, to support prices.
Crude prices have been rising since July
While at the end of June, the barrel of Brent from the North Sea was trading around 75 dollars on average, it now exceeds 85 dollars. Between early July and early August, crude prices rose almost continuously, with Brent gaining around 12% and a barrel of West Texas Intermediate nearly 15% against an increasingly tight market backdrop.
Nine countries of the Organization of Petroleum Exporting Countries and their allies, including Riyadh and Moscow, the two heavyweights of the group, have introduced voluntary production cuts since May for a total of 1.6 million barrels daily until 2024.
In June, Saudi Arabia announced an additional voluntary production cut of one million barrels per day for July, which it has extended twice, in August and now in September. In its wake, Russia also said it was cutting its crude exports by 500,000 barrels a day in August, and by 300,000 in September.
Oil prices are still far from their average level which had exceeded 100 dollars in 2022, a year marked by supply fears after the start of the war in Ukraine. Between mid-June and early July 2022, the prices of diesel, like those of SP-95 and SP95-E10, had then exceeded 2 euros per liter in France.
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