After almost nine months of low prices, things are happening on the oil market. Drivers of petrol and diesel cars need to be informed urgently in order to be prepared for change.
When it comes to the price of petrol and diesel, in 2020, amid the limitation of travel and the decrease in transport, the price of oil has decreased and, implicitly, the cost of fuel at the pump. But it is not a final state of affairs, as we see now.
The price of a barrel of oil rose on December 14. Brent oil has crossed the $ 50 a barrel threshold amid hopes that the introduction of COVID-19 vaccines will boost global fuel demand, while the explosion of an oil tanker in Saudi Arabia has raised concerns about to stability in the region.
The Brent futures price, delivered in February, rose 0.8% on December 14 to $ 50.35 a barrel. At the same time, the price of US West Texas Intermediate oil futures with delivery in February increased by 1.1% above the threshold of $ 47.
Oil prices are rising for the sixth consecutive week. It is the longest growing period since June. The evolution is happening on the background of the news about vaccination.
The United States has launched a vaccination campaign against COVID-19. This announcement fueled hopes that the restrictions imposed in the context of the pandemic could be lifted soon, which could boost demand for the world's largest oil consumer.
In Romania, on December 14, the cheapest gasoline can be found in Osorhei, Bihor, at 4.39 lei. Regarding diesel, the lowest price is 4 lei in Agigea, ConstanÈa. In Bucharest, gasoline is at a minimum of 4.56 lei, and diesel at 4.63 lei.
The liter of LPG costs between 2.47 lei and 2.57 lei in most large cities in Romania. The cheapest diesel, among the big cities, is in ConstanÈa at 4.57 lei. The cheapest gasoline is at 4.54 lei in Timisoara.