Brussels (Brussels Morning Newspaper): Fuel prices are going down diesel by 4.2 cents to €1.73 petrol 95 by 4.1 cents to €1.696 and petrol 98 by 2.9 cents to €1.796. This drop is because global oil and biofuel prices are lower which is good news for consumers.
The cost of diesel will reduce by 4.2 cents per liter making it a maximum of 1.73 euros at the most. The pumps diesel will become cheaper than before for the motorists. There is also a cut in price for petrol 95 (E10) by 4.1 cents per litre. It is going to be now a maximum of 1.696 euros. This reduction is intended to enable users of this fuel cheapen it slightly at the fuel stations. The petrol price for Petrol 98 (E5) has fallen with 2.9 cents per litre so that now it can at most cost upto 1.796 euros. This high-grade gasoline has become somewhat cheaper for its users.
What Are the Reasons for Recent Fuel Price Drops?
Petrol 95 (E10) costs less than it has since late January. About half as expensive as it was earlier this year thereby demonstrating an incredible decline. Diesel prices have decreased to their lowest levels for almost seven months now. This indicates fall in comparison with what we have been seeing before which can be helpful to diesel consumers who have had to endure high prices since last spring.
It has been reported that fuel prices have come down because of changes in global oil product market and biotechnology. Reduced price of crude oil or biofuels on an international scale leads to reduction in the costs of refining and production of fuels. A decline in crude oil prices leads to lower purchasing for refineries so that they can manufacture gasoline or diesel. It has been said that decrease in costs of bio-components included in fuels such as petrol and diesel which follow set standards also helps effect lower fuel prices overall. There is a reciprocal relationship between lower global prices and local transport pump prices. These price reductions are suggestive of how the recent trends around the world affect fuel production costs.
