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Price at the pump: further increase of several cents in sight, according to professionals


Ihe prices at the pump, already at historic levels, are likely to increase further by a few cents this week, in the wake of crude oil prices, the French Union of Petroleum Industries (Ufip) estimated on Wednesday.

“The news is not good,” said Ufip president Olivier Gantois on BFM Business.

Oil prices, hovering around $110, soared following Russia’s invasion of Ukraine.

The prices of fuels sold in France reached new records last week, according to official figures published on Monday: 1.74 euros for diesel and 1.81 for unleaded 95.

But this statement “corresponded to a price of a barrel last Friday at 99 dollars, that means that since these statements, the price has increased by 10%, by 10 dollars per barrel”, observed Mr. Gantois.

The figures published by the government relate to a weekly average published on Fridays.

“That means that there is a very strong chance, a risk, that prices at the pump will increase proportionally, that is to say by a few cents per liter again this week when we were already at higher levels. historical,” said Olivier Gantois.

“If the barrel increases by ten dollars, we will have a few cents per liter of increase”, according to him.

Fuel prices are on the rise and have regularly reached new highs for weeks, in the wake of oil prices.

Their surge has been fueled by the global economic recovery and still tight supply from major oil-producing countries. This trend was exacerbated after the start of Russia’s invasion of Ukraine last week.

Gas prices are also up sharply, with the European benchmark hitting a historic high on Wednesday.

“The situation is worrying,” said Nicolas de Warren, president of Uniden (Union of energy-using industries). “We probably started on a price tunnel in the order of magnitude of current prices until the spring of 2023”, he judged.

“If the embargo is decided on Russian gas, it would be likely that we will have to stop part of our activities”, “probably around 20 to 30%”, he estimated.

02/03/2022 22:52:43 – Paris (AFP) – © 2022 AFP