Energy Regulator Announces New Fuel Prices Today, as Brent Jumps to $116.72 a Barrel

The Energy Regulatory Commission (RKE) announces its new decision on maximum fuel prices today, set to apply from Tuesday, October 27. And judging by the markets, drivers do not have much reason for optimism.

Brent crude closed the trading week on Friday at $116.72 a barrel. That is a daily rise of 3.14 percent and about six percent over the week. As early as October 22, at $113.17, Brent hit its highest closing level since the start of May, and markets are still nervously watching developments in the Middle East.

At home, for now, the prices from the last decision of October 19 apply: Eurosuper BS-95 at a maximum of 96 denars a litre, Eurosuper BS-98 at 98 denars, Eurodiesel at 99 denars. Extra light heating oil for households is 110.50 denars a litre. Back then petrol got cheaper by 2.50 denars while diesel went up by two - so diesel is now more expensive than both petrol grades.

A rise in crude does not automatically mean all fuels will go up. The RKE calculates prices based on reference prices for oil products on world markets, the dollar exchange rate and other parameters in its methodology, so petrol and diesel can get different adjustments.

But the broader trend is clear. According to Eurostat, in September fuel for private cars in the EU was 31.4 percent more expensive than a year earlier, and on a monthly basis alone diesel rose by 5.9 percent and petrol by 6.7. If diesel heads up again, the blow will not stop at the pump - transport costs will feel it, and with them everything that gets shipped. If oil keeps climbing, will the RKE's weekly calculation be all the state has to offer?