From Midnight Petrol Gets 7 Denars Cheaper and Diesel 5.5: a Litre of Eurosuper 95 Will Cost 86 Denars, Diesel Stays 8.5 Denars Dearer

From 00:01 on 10 November fuel prices fall by an average of 7.51 percent, the Energy Regulatory Commission (RKE) decided. Eurosuper 95 and 98 petrol go down by 7 denars each and will cost 86 and 88 denars a litre. Diesel goes down by 5.5 denars, to 94.50 denars. Extra-light household heating oil falls by 6.5 denars, to 103.50 denars a litre, and fuel oil by 6.261 denars, to 49.312 denars a kilogram.

The reason lies on the world markets. According to the RKE's calculation, reference prices compared with the previous decision fell on average by 12.34 percent for petrol, 6.79 percent for diesel, 7.83 percent for extra-light oil and 13.82 percent for fuel oil. North Sea Brent crude lost around 16 percent of its value last week, and today it traded at around 96.91 dollars a barrel, with markets expecting a reduction in tensions between the US and Iran.

Two numbers deserve a longer look. The first: petrol fell by more than 12 percent on the exchanges, and by around 7.5 percent at the pump. Part of the gap is natural, since excise is a fixed amount per litre that doesn't fall with oil. The second: diesel stays a full 8.5 denars per litre dearer than petrol, and that already with the reduced 10 percent VAT and excise cut by 4 denars, which the RKE applies in its calculation. For petrol, excise was cut by 2 denars.

The RKE reminds that these are maximum prices and that retailers may sell for less. How many petrol stations will use that right will be seen tomorrow morning on the price boards. Or will the maximum price once again be the only one?