Fuel prices: gasoline breaks records, government announces new aid

Fuel prices: gasoline breaks records, government announces new aid
Written by madishthestylebar

Gasoline prices hit new records this week. (©pixarno / Adobe Stock)

They never stop climbing, to the point of reaching new heights. Fuel prices have, on average, taken more than 13 cents in a weekaccording to the latest figures published on Tuesday, June 7, 2022 by the Ministry of Ecological Transition.

This increase comes after the agreement of a partial embargo on Russian oil imports, but also at a time when the oil-producing countries, OPEC, announced to increase its production.

For her part, the Prime Minister, Elisabeth Borne, declared that new aid to counter inflation, including one targeted for high rollers, would see the light of day. We take stock.

How high will fuel prices go?

With almost 14 cent increase on diesel and premium fuels, new records have fallen. We have never seen fuel prices so expensive.

The SP-95 costs on average in France €2.10 when the liter of SP-95 E10 is exchanged 2,066 euros.

It is even worse if your car consumes SP-98, since there, the liter costs on average 2.16 euros.

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Only diesel remains below the 2 euro mark, even if it also costs 13 cents. It amounts to 1.9615 euro per litre.

Previous records

As of March 11, 2022, previous records were already very high. Diesel amounted to 2.1407 €/L, SP 95 to 2.0825 €/L, SP 95-E10 to 2.0286 €/L, and SP 98 to 2.1206 €/L.

Unfavorable international context

This increase comes after a week of new sanctions imposed by the European Union against Russia, still in the context of the war in Ukraine.

On Monday 30 May, the leaders of the 27 EU countries reached an agreement which should make it possible to reduce 90% of their Russian oil imports by the end of 2022 in order to cut off the financing of the war waged by Moscow.

Thus, a gradual halt in imports of Russian oil transported by boat, i.e. 2/3 of European purchases, will be put in place for the next six months, while Germany and Poland have announced that they will stop their imports. via pipelines.

For a previous article, Olivier Gantois, president of the French Union of the Petroleum Industry (Ufip), also explained to us that the “driving season” was an aggravating factor in the rise in gasoline prices.

The “driving season” is a period, often holidays or the arrival of fine weather, when motorists take the wheel more. The increase in the means of transport implies, by extension, an increased increase in the consumption of gasoline and therefore in the price.

Every year, the driving season raises the price of the Super (now unleaded, Editor’s note).

Olivier GantoisPresident of Ufip

In the United States, the “driving season” is an important phenomenon. However, vehicles mainly consume gasoline on the other side of the Atlantic: which explains the increase in these fuels. While the price of diesel remains contained under two euros.

Small thinning for the prices at the pump? OPEC, which brings together the oil-exporting countries, will increase its production of 650,000 barrels per day for July and August.

By doing this, OPEC will create more supply to satisfy the large demand in the oil market. The pressure will loosen and mechanically, prices will fall.

The announcement of OPEC’s production increase helped contain fuel prices a little, which would have more flownaccording to Ufip, contacted by Indeed, in one week, the price of crude has increased by 7 dollars.

Elisabeth Borne unveils help for heavy rollers…

It should be remembered that these very high fuel prices take into account the aid of 18 cents from the government in place since 1er April and at least “until the end of summer”.

How much would the fuels cost without the help of 18 cents?

Diesel: 2.1415 euros per litre.
SP 95: 2.2812 euros per litre.
SP 95 E10: 2.246 euros per litre.
SP 98: 2.3451 euros per litre.

guest of France Blue this Tuesday, June 7, Elisabeth Borne drew the outlines of the future law on purchasing power which must see the light of day after the legislative elections.

Among the provisions, more targeted assistance for heavy riders : “I asked Bruno Le Maire to study a device precisely for those who travel a lot of kilometers every day, either to get to their job, or as part of their job,” said the Prime Minister.

The government is also working on a device that would allow employers “to more easily bear part of the fuel costs of employees”.

… And others to fight inflation

If inflation in France, increased to 5.2% in May according to INSEEis clearly driven by skyrocketing oil prices and is forcing the government to react, other aid is on the table.

We want to provide an answer to the most modest French people with a food check, which will be put in place as part of the emergency bill for purchasing power.

Elisabeth Borne Prime Minister

The Matignon tenant ensures that this aid will be done in two stages. First measure, the payment of back-to-school assistance. “There is a time, in the emergency with inflation, when it will be aid paid directly into the bank account at once, naturally taking into account the number of children in the family,” she said. Explain.

It will be a check paid in one go, to “deal with increases in basic food products”, said Elisabeth Borne.

And then, there is a reflection to have a targeted device to allow all French people to access quality products, organic products.

Elisabeth BornePrime Minister

We will know more after the legislative elections, on June 12 and 19.

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