Fuel prices have been on the rise since November 2020 and are gradually returning to their pre-health crisis level. This increase results from the rise in the price of crude oil, in a context of increasing demand. Demand stimulated by announcements around covid-19 vaccines.
Fuel prices have continued to increase since November 2020 and are back to their pre-health crisis level. In February 2020, the liter of diesel was displayed for example at € 1.396 against € 1.11 last May and € 1.342 in February 2021. Same scenario for other fuels. The liter of unleaded 95-E10 rose to € 1.44 in February 2021 against € 1.23 in May 2020, i.e. an increase of around 17%. Several explanations for this rise in prices, analysis BFMTV.
First element: the rise in crude oil has repercussions on the price of fuel at the pump. “Since the beginning of the year, the price of crude oil has increased by $ 14, returning to its level of early 2020”, comments Olivier Gantois, president of the UFIP (French Union of Petroleum Industries).
Immunization campaigns drive prices up
This rise in the price of a barrel is the result of an agreement between oil producers, OPEC countries and Russia, which limit their production. “This is fueling the increase with a stable supply in a context of increasing demand”, emphasizes Olivier Gantois.
Demand would be stimulated by vaccination campaigns against Covid-19. The absence of generalized confinement makes it possible to avoid the possibility of a sudden drop in fuel consumption. “Since the beginning of November, there has been an increase in crude oil with each announcement of a new vaccine,” said the official.
What can we expect for 2021? The president of Ufip is betting on stabilizing oil prices and therefore prices at the pump, especially if the vaccination campaigns prove to be effective.