Fuel in the Czech Republic has become cheaper by several tens of pennies in a week

Refueling – illustrative photo.

Prague – Fuel prices in the Czech Republic fell in a week. Natural 95 gasoline became cheaper by 26 halers to an average of 37.40 crowns per liter. Diesel is sold for an average of 36.19 crowns per liter, which is 41 pennies less than last Wednesday. This is according to data from CCS, which tracks prices. A year ago, drivers paid 1.50 crowns more for a liter of gasoline, two crowns more for diesel. At this time last year, the beginning of the Russian invasion of Ukraine was already reflected in fuel prices. According to analysts, fuel prices, especially diesel, should continue to fall in the next week.

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Fuel prices are pushing down developments on the Rotterdam stock exchange, where prices fell slightly in the second half of February, as well as the strong koruna, Purple Trading analyst Petr Lajsek said. He drew attention to the fact that diesel prices, whose prices are already lower than on the day the war in Ukraine began, are still falling in price at a faster pace thanks to Europe's massive pre-stocking before the beginning of the embargo on the import of Russian oil products. Lower diesel prices are also helped by a warmer winter, resulting in weaker demand for heating oil.

Market developments, according to XTB analyst Jiří Tyleček, indicate that the slight drop in fuel prices at gas stations could continue in the coming days. “The decline should primarily concern diesel prices, which would reflect lower prices in Rotterdam at the end of February. In the case of gasoline, the situation is not so favorable and the central scenario is an early price stagnation,” Tyleček said.

Fuel prices would they should not have increased in price immediately due to the unexpected interruption of the supply of Russian oil through the Druzhba pipeline to Poland, claims Trinity Bank's chief economist Lukáš Kovanda. He reminded that Poland had previously taken only a fraction of the volume of oil from Russia compared to previous months. According to him, in the next seven days, fuel in the Czech Republic should become cheaper by around 20 shillings per liter.

The cheapest gasoline is now in the Ústí Region. A liter there costs 36.88 kroner on average. The lowest price for diesel is in the Zlín region, at an average of 35.41 crowns. On the contrary, gas stations in Prague offer the most expensive fuels. Gasoline in the capital is on average 38.64 CZK/l, diesel for 38.20 CZK/l.

Fuels in the Czech Republic have been steadily falling in price since the end of October last year. In the first days of this year, prices rose, then began to fluctuate.

Average fuel prices in the Czech Republic as of March 1, 2023 (in CZK/l):

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Source: CCS