Petrol and diesel are on the rise again, the summer effect is coming: what’s going on? – Corriere.it

The national average of prices charged at the do-it-yourself petrol pump rises to one step from 1.85 euro/litre, diesel exceeds 1.69 euro/litre. According to the usual survey by Staffetta Quotidiana, this morning Eni increased the recommended prices of petrol and diesel by one cent per litre. These are the averages of the prices charged communicated by the operators to the Price Observatory of the Ministry of Enterprise and Made in Italy and processed by the Staffetta, recorded at 8 am yesterday morning on around 18,000 plants: self-service petrol at 1.849 euros/litre (+2 thousandths, companies 1.856, white pumps 1.834), self-service diesel at 1.691 euro/litre (+3, companies 1.698, white pumps 1.676). Petrol served at 1.985 euros/litre (+3, companies 2,031, white pumps 1,895), diesel served at 1,830 euro/litre (+3, companies 1,877, white pumps 1,738). LPG served at 0.707 euro/litre (-1, companies 0.718, white pumps 0.694), methane served at 1.432 euro/kg (+1, companies 1.436, white pumps 1.427), LNG 1.248 euro/kg (-1, companies 1.257 euro /kg, white pumps 1.242 euro/kg). These are the prices on the motorways: self-service petrol 1.921 euro/litre (served 2.170), diesel self-service 1.776 euro/litre (served 2.035), LPG 0.837 euro/litre, methane 1.550 euro/kg, LNG 1.214 euro/kg.

Supported question

What’s going on? The phenomenon of the last few weeks, after the downward price trend that had manifested itself starting from mid-April, is that of a recovery in prices, which is quite limited for the moment but which could accelerate during the summer. Since the beginning of the year, the price of Brent (of which petrol is the most important derivative) has fallen by about 1% (0.94%) settling at 79.29 dollars a barrel in the session on Wednesday 12 July. In any case, this value is more than 5% lower than the peaks of 85 dollars reached in mid-April or early February. In reality, the price at the beginning of June had reached around 72 dollars a barrel and despite ups and downs it continued to rise up to the “current non-record” level. Therefore, according to analysts, the increase in pump prices reflects this economic upturn. This is an effect partly due to the increase in summer demand for fuel due to travel for the holidays and to an economic situation which, although slowing down, does not give clear signs of spiraling towards a recession. Hence the rising prices.

Production cut

Of course, the uncertainties related to the evolution of the Russian-Ukrainian conflict remain in the background, preventing the crude oil market from finding a more stable balance. The production cuts confirmed at the OPEC+ meeting on 4 June do not facilitate the continuation of the downward trend that had begun to manifest itself from the April peaks. The new production target of 40.46 million barrels per day will in fact extend until 2024