Fuel prices should drop further

Fears of recession pushing down price of oil.

Stock image.Stock image. (Source: SME - Marko Erd)

The fall of fuel prices at Slovak filling stations should continue. However, it could stop during the Christmas holidays, predicts 365.bank analyst Jana Glasová based on the development of world oil prices.

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"Given the development on the oil market, fuels could become cheaper again, especially if oil prices continue to stay below the $90 level. The development on the market will depend mainly on how the markets will perceive concerns about the recession of the global economy, the development of demand, lockdowns in China, and the beginning of the winter heating season," said Glasová.

Related article Do you know who owns filling stations in Slovakia? Read more 

"With the arrival of the holidays, however, the demand for fuel may increase, as people will travel more, which may push prices up again."

According to the data of the Statistical Office of the Slovak Republic, after two weeks of stagnation petrol prices at Slovak filling stations fell significantly in the 46th week of this year. A litre of 95-octane petrol was sold at an average price of €1.670. In a weekly comparison its price decreased by 3.2%.

A litre of 98-octane petrol was sold at €1.854, with its price decreased by 3.5% compared to the previous week. A significant drop also affected diesel prices, which were sold at an average of €1.804 per litre.

In a year-on-year comparison, however, petrol and diesel fuel is more expensive, approximately 10% and 29% respectively.

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