After a steady decline in fuel prices over the past three months, the Czech Republic has witnessed a halt in the downward trend, with petrol and diesel prices registering a slight increase in the past week. According to data from the CCS company, which monitors fuel prices, the most widely sold petrol, Natural 95, is now priced at an average of 35.86 CZK per liter, reflecting a two-heller increase compared to the previous week. Diesel prices have risen by three hellers per liter, with the current average price standing at 36.18 CZK.

The recent shift in fuel prices marks a departure from the trend observed since the beginning of October when prices started declining. Last week, petrol reached its lowest cost in over two years, while diesel prices hit their lowest point since the previous August.

Analysts attribute this reversal to the upward trajectory of oil prices. Jiří Tyleček, an analyst at XTB, highlights that the stabilization of oil prices and the potential for further geopolitical tensions could contribute to a notable increase in fuel prices. Additionally, the depreciation of the Czech crown has added to the cost of fuel purchases across the distribution chain.

Petr Lajsek, an analyst at Purple Trading, anticipates a continued, albeit slight, increase in fuel prices in the coming days, citing the impact of a weaker crown and elevated oil prices. However, he emphasizes the volatile nature of oil prices, noting that the situation can change rapidly.

Regionally, the South Bohemian and Ústí nad Labem regions currently offer the most affordable fuel prices, with an average of 35.10 CZK per liter for petrol and 35.49 CZK per liter for diesel. Conversely, Prague records the highest prices, with an average of 38.18 CZK per liter for petrol and 38.27 CZK per liter for diesel.

In a year-over-year comparison, petrol is now 57 hellers per liter cheaper than it was a year ago, while diesel prices have decreased by 1.68 CZK per liter over the same period, according to CCS data. The intricacies of oil markets and currency fluctuations underscore the dynamic nature of fuel prices, prompting vigilance among consumers and industry observers alike.

Article by Prague Forum