“A significant problem for the whole of Europe is the sharp growth of wholesale margins for diesel to $60 (roughly CZK 1,470) per barrel from $30 (CZK 735) in mid-August. For gasoline, the margin remains at $13 (roughly CZK 320) per barrel. The sharp increase in wholesale prices has yet to be fully reflected in retail prices. Therefore, diesel will become more expensive by a few tens of pennies. The price of gasoline will stagnate in the next two weeks,” said Finlord company analyst Boris Tomčiak.
According to XTB analyst Jiří Tyleček, the significant price difference between diesel and gasoline is worth paying attention to. “The shutdowns of some European refineries and the end of the motoring season, when the demand for gasoline decreases, play a role. Drivers do not care about the increase in fuel prices in Rotterdam, nor the development of the Czech crown, which in recent days has remained above the level of 24.50 crowns per dollar. Price fuel could continue to grow in the following week. However, some positive trends can be observed, which should prevent a significant rise in prices in the coming weeks,” said Tyleček.
Fuel is traded in dollars on the commodity exchange in Rotterdam. The stronger the crown is against the American currency, the cheaper gasoline and diesel can be at gas stations in the Czech Republic.
Natural 95 started to slowly become cheaper in the Czech Republic at the beginning of the holidays, when the average price was close to 48 CZK/l, which was the highest level ever. Diesel was roughly the same price then, it was only more expensive in the spring shortly after the invasion of Ukraine by the Russian army. This was followed by a drop in diesel prices, which started to rise a week ago.
A year ago, at the end of the holidays, motorists paid significantly less for fuel. According to CCS data, Natural 95 is now 6.77 crowns more expensive per liter, the price of diesel is 13.64 crowns higher per liter.
Compared to the regions, the most expensive fuels continue to be offered by pumps in Prague, where a liter of gasoline cost an average of CZK 41.53 on Wednesday. Diesel fuel in the capital costs 46.08 CZK/l. On the other hand, drivers pay the least in the Zlín region, where a liter of gasoline costs CZK 39.91 on average. Diesel is the cheapest in the Hradec Králové region at 44.80 CZK/l.
Average fuel prices in the Czech Republic as of August 31, 2022 (in CZK/l):