According to the automobile club of europe (ACE), there could be a slight easing of fuel prices in the near future. The ACE sees one reason in a drop in demand in china, after the authorities there raised the prices for gasoline and diesel by up to 25 percent. At the same time, saudi arabia has announced that it will increase its oil demand.
The calculation of the ACE is simple: "if the demand of one of the major energy consumers decreases and the supply of the major producer increases, this usually has a steaming effect on the prices". It is at least to be hoped that despite the beginning of the vacation season, fuel prices in europe will come under prere. The current prices had little to do with the lawfulness of the market economy and a lot to do with speculators who habitually evaded the grasp of the financial police.
On this occasion, the ACE today also criticized the different fuel prices in europe. Because of different taxation, they could drift apart by up to 50 percent within the EU; in net prices, however, the difference would amount to a maximum of 17 cents for premium gasoline and 19 cents for diesel. The interests of consumers were too often ignored in the internal market.
According to media reports, china has drastically increased state-controlled fuel prices "overnight". Gasoline cost 16 percent more today, while the price of diesel rose by 18 percent. Already yesterday, according to a report by the financial times expectations of higher fuel prices in china have caused the price of a barrel of crude oil to bounce by over $5.
However, the ACE puts a damper on rough hopes of a lasting price drop: the slight easing is coming – but probably only temporarily.