Czech fuel prices continued to rise by roughly 20 cents over the week, diesel above 37 CZK/l

Fuel in the Czech Republic continues to rise in price. A litre of the best-selling petrol Natural 95 is currently sold at petrol stations in the Czech Republic for an average of CZK 38.51, a week ago it was 19 cents cheaper. Diesel is more expensive by 21 cents per litre, averaging CZK 37.20 per litre. This is according to data from CCS, which monitors fuel prices. Fuel prices have been rising since about mid-June, before that they had been falling since the end of April. According to analysts, the price increase will continue in the coming days.

According to Purple Trading analyst Petr Lajsk, the rise in fuel prices is mainly due to the situation on the oil market, where a barrel of Brent crude oil climbed to $88 last week, the highest level since the end of April. According to Lajsk, the reason for the rise in oil prices was mainly due to fears of storm Beryl in Texas. But that risk should have worn off the oil price by now, as the storm was less destructive than expected, the analyst said.
However, Czech drivers will not see a reduction in prices for the time being, according to analysts, mainly due to the weaker crown. XTB analyst Tomáš Cverna reminded in this context that the koruna is the weakest against the euro since mid-April. "I think that it is because of the domestic currency that drivers will not see a discount at the pumps in the coming week," Cverna said. Lajsek also expects fuel prices to rise. "However, the price growth will significantly decrease in intensity and petrol and diesel could gradually start to stagnate," he said.
Jaroslav Ton, the head of 4Trans, expects prices to rise by another ten to 30 cents per litre in the coming week.

He reminded that the forecast of further price increases has a significant impact on Czech carriers, whose operating costs are rising. "This long-term trend may lead to higher prices for transport services, as fuel costs will be partly passed on to consumers. This could in turn affect the prices of goods and services on the market, which could have wider economic consequences," Ton added.

However, according to Trinity Bank economist Lukáš Kovanda, despite the rise in fuel prices, fuels in the Czech Republic are slightly cheaper than in most neighbouring countries. Petrol is cheaper only in Slovenia, Bulgaria, Romania and Malta, while in Poland it costs on average the same as in the Czech Republic. According to Kovanda, oil is cheaper than in the Czech Republic only in Croatia or Bulgaria.

In the Czech Republic, drivers in the Ústí nad Labem region get the cheapest petrol, where a litre costs 38.08 crowns on average. Diesel is cheapest in the Zlín Region, where a litre sells for an average of CZK 36.60. On the other hand, the most expensive fuels are in Prague, where a litre of petrol costs on average CZK 39.25 per litre and diesel CZK 38.66 per litre.

Source: CCS and CTK