HELSINKI: Service station chains estimate that in the near future, the prices of both petrol and diesel will rise due to an increase in the crude oil price. In a consumer price monitoring exercise by the Oil and Biofuel Association, the 95-petrol price was, in the middle of August, 1.334 euros per litre and the price of diesel was 1.136 euros. The monitoring of petrol and diesel prices worldwide was delayed by a few weeks due to a change in global prices of crude oil.
“In July, crude oil prices fell, but in recent weeks the world market prices have started to rise again. This has led to an increase in the price of refined products,” said Mika Wiljanen, managing director of the petroleum distribution company Chain St1.
The authorities of the petroleum distribution companies Teboil and Neste also predicted the same trend of the prices. The price paid by Finnish drivers at gas stations depends on the price of crude oil, although there are other determining factors. These include processing, storage, and transport costs. The overall price can increase, for example, if there is a great distance from coastal ports. For the most part, the prices of fuels are influenced by taxation. At the beginning of next year, an energy tax increase will come into force. Petrol tax will rise by 2 cents and diesel by 2.5 cents per litre.
