Fuel in Czechia to reach record high due to ongoing conflict in Ukraine

Various fuel sorts like Diesel are offered at a gas station in Frankfurt, Germany, Wednesday, Aug. 2, 2017. (AP Photo/Michael Probst)
By Lucie Ctverakova
2 Min Read

The price of diesel oil and gasoline across the Czech Republic has continued to rise sharply, breaking historical records, with analysts apportioning the price hikes to the increase in global oil prices and the weakening of the Czech currency following the outbreak of war in Ukraine.

“Fuel prices should rise by another koruna in the coming week,” revealed Boris Tomčiak, the co-owner of investment company Finlord.

“For gasoline, the price will be 40 korunas (€1.55) per liter and 39 korunas (€1.51) per liter for diesel oil,” he explained. The new prices break the previous records from September 2012.

According to Trinity Bank chief economist Lukáš Kovanda, gasoline could rise to as much as 50 korunas (€1.95) per liter if Russia restricts its oil or gas supplies. Acceleration of price growth would also occur if the Russian troops conquered Kyiv.

“Drivers in the Czech Republic must reckon with the fact that fuel prices will continue to rise dramatically in the coming days,” Kovanda said. “Since the Russian invasion of Ukraine last week, fuel prices in the Czech Republic have been becoming more expensive at an unprecedented rate, ranging from around 0.3 korunas (€0.012) to 0.4 korunas (€0.016) per liter a day.

“However, this already rapid rate of increase, in the case of gasoline the fastest since 2010, may accelerate further,” he added.

Gas stations are also raising prices sharply on a day-to-day basis. From last Saturday to Wednesday, the gasoline price rose on average by more than 0.4 korunas (€0.016) in a single day.

The average price of diesel oil jumped by more than 0.6 korunas (€0.023) on Saturday and more than 0.5 korunas (€0.02) on Wednesday.

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