Higher oil prices and a weaker krona have had consequences for those who have to fill up the car.
The price of petrol and diesel has risen and is expected to rise even more in the future.
– In total, we see fuel prices rising by more than a kroner for the rest of the year, says Christian Kopfer, commodity analyst at Handelsbanken.
Fuel prices are rising across the board. The price of 95-octane petrol was raised on Wednesday by 10 öre, which means a liter price of SEK 19.49 at leading fuel chains.
However, it will be most expensive for those who drive a diesel car. A liter of diesel now costs SEK 19.24 after the price was raised by 40 öre.
The background to the rising prices is the weakened Swedish krona, as well as the fact that the price of oil on the world market has risen. Fuel oil now costs $89 a barrel, which is the highest level since October last year.
Attacks on Russian oil
According to Christian Kopfer, there are several reasons why oil prices are rising, but one of the main reasons is Ukraine’s attacks on Russian oil refineries in recent weeks.
– It seems that it has knocked out roughly ten percent of the Russian refinery capacity. And Russia is one of the world’s three largest producers of oil, so it hits the world market, says Christian Kopfer.
– It will take a number of months before Russia has succeeded in repairing that production.
Another important factor is the geopolitical tensions in the Middle East, but also that the oil now needs to be transported over longer distances. The demand for oil has also increased, including in the USA and China.
More price increases
And the price of oil is expected to rise during the year, which will raise fuel prices, says Christian Kopfer.
– During 2024, we believe the crude oil price will approach 100 dollars. So in total, we see just over a kroner increase in fuel prices for the rest of the year. Both on petrol and diesel.
According to Christian Kopfer, the consumption of oil will be at a record high this year, which he believes is the main reason why prices will continue to rise in the future.