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Fuels in Czech Republic Still Rise By Dozens Of Halers

Translated by Milo Dvorak

6. 2. 2024

Business Newsletter #5

Good morning,

Here is your next Business Newsletter.
This week's first newsletter brings the news on fuel prices that are slightly going up. This should be a relatively easy read, as most of the expressions aren't that difficult. Still, I've chosen some that may be a bit challenging, particularly to B1 and B2 speakers.

Enjoy the read!

Published by ČT on 1 February 2024.

Fuels continue to increase in price by dozens of halers. A litre of the best-selling petrol, Natural 95, is currently sold at petrol stations in the Czech Republic for an average of 36.77 Czech crowns, 31 halers more expensive than a week ago. Diesel has also increased by thirty halers per litre, and drivers will now pay an average of 36.76 Czech crowns per litre, according to data from CCS, a company that monitors prices. Analysts predict that the upward trend in prices will continue in the coming days.

In the Czech Republic, fuels were becoming cheaper from October of last year, but the decline stopped at the beginning of this year when petrol started to become more expensive, though the price of diesel remained stable. Since roughly mid-January, prices have been at the same or similar levels.

According to analyst Jiří Tyleček from XTB, the current increase in fuel prices is a result of the tense situation in the oil market. "Traders are unsettled by the situation in the Middle East and factor in increased risks into the prices. Subsequently, fuel prices in Rotterdam significantly increase," he explained. He pointed out that wholesale diesel prices are the highest since early November while petrol prices are the highest since mid-October.

Moreover, analysts expect the rise in prices to continue. "In the next week, we expect further increases in petrol and diesel prices by several dozen halers," said Boris Tomčiak, an analyst at Finlord. According to Purple Trading analyst Petr Lajsek, petrol should become more expensive, as the use of diesel for heating purposes decreases due to warmer weather and cheap natural gas.

Drivers in the Ústí nad Labem Region fuel up with the cheapest fuels, where a litre of petrol averages 36.17 Czech crowns. Diesel is sold there for an average of 36.18 Czech crowns. On the contrary, the most expensive fuels are offered at stations in Prague, where a litre of petrol costs an average of 38.41 Czech crowns. Diesel is refueled there for 38.49 Czech crowns per litre.

In a year-on-year comparison, a litre of petrol in the Czech Republic is now approximately one crown and ten halers cheaper, while diesel was almost one crown more per litre at that time.

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