Diesel Prices in Czechia Nearing 2022 Record High

Diesel prices in Czechia are edging close to their all-time high. According to the Czech news agency ČTK, the absolute record was set on 13 March 2022, when a litre of diesel cost 49.57 crowns. The petrol record has stood since 23 June 2022, at 47.97 crowns per litre. Both peaks stemmed from the energy market shock triggered by Russia's invasion of Ukraine.

Year-on-year, petrol is now 11.50 crowns per litre more expensive than a year ago, while diesel back then was about 16.40 crowns cheaper than it is today.

Where Fuel Is Priciest

According to ČTK, the most expensive petrol is sold in Prague, averaging 46.40 crowns per litre. Diesel is priciest in the Vysočina Region, where a litre costs around 49.70 crowns. The cheapest fuel, meanwhile, can be found in the Karlovy Vary Region, where petrol averages 45.58 crowns and diesel 49.39 crowns per litre.

Starting in October, the government plans to intervene in fuel pricing once again: authorities intend to cap the margins of petrol stations and lower the excise duty on diesel. There is also discussion of introducing an additional tax on oil refineries, which are benefiting from sharply increased margins under the current market conditions.

Czechia Leads the EU in Price Growth

In August, diesel prices in Czechia rose faster than in any other EU country — up 14.3% compared to July, against an EU average of 8.3%. Petrol prices in Czechia rose by 2.7% over the same period, compared to an EU-wide average increase of 3.3%.

Oil Prices Climb Amid Middle East Tensions

The price of Brent crude surpassed $105 per barrel (about 2,244 crowns) on Thursday, after already jumping 3.9% on Wednesday. According to the TradingEconomics portal, markets are reacting to rising tensions in the Middle East and fears over the safety of key oil transport routes.

Yahya Rahim Safavi, military adviser to Iran's Supreme Leader, warned that the conflict could widen further in the event of a new attack by the United States or Israel. Iranian President Masoud Pezeshkian suggested that talks to end the conflict could resume, but stated that Tehran would restrict free navigation through the Strait of Hormuz for as long as US sanctions and the blockade continue.

Hopes for a diplomatic breakthrough rose earlier in the week after US President Donald Trump suggested he might meet with Pezeshkian on the sidelines of the UN General Assembly in New York on Tuesday. In the end, however, the two presidents did not meet in person.

Source: novinky.cz