Connect with us

Economy

Oil falls below pre-war levels for the first time. But gasoline is still more expensive

Published

on

Oil falls below pre-war levels for the first time.  But gasoline is still more expensive

A barrel was quoted this Thursday at $93.2 a barrel, the first time it has reached a lower price than on the eve of Russia’s invasion of Ukraine. Fuel prices in Portugal are also falling, but remain more expensive than then. The devaluation of the euro is one of the reasons. But there’s more math

Crude oil hit $93.2 a barrel midway through this Thursday in the Brent Index, commonly used as a benchmark for Europe. This is the first time that the price has fallen below the level it was before the Russian invasion of Ukraine on February 24th. Fuel, however, is still much higher than then.

Oil in a sharp fall

Over the past month (since July 7, when it closed at $113.5), oil has fallen in price by 18%. And from the high of this year (March 7, when it reached $139.13 per barrel), the drop is 33%.

But the mark reached today is relevant, because it is over the past five months that the war in Ukraine has lasted that the price was lower for the first time on the eve of the invasion: on February 23, a barrel of oil cost $ 94.05.

Today is cheaper.

But not fuel.

Diesel remains 10% more expensive… even after tax cuts

However, the fall in the cost of oil does not have a proportional effect on the cost of fuel in Portugal.

The values ​​currently practiced in Portugal are below the highs reached since the start of the war: the final price of plain diesel this Wednesday averaged 1.826 euros per liter in Portugal, 27.4 cents less than the maximum of 2.1 euros per litre. June 23; The price of regular gasoline 95 this Wednesday was 1889 euros per liter, which is almost 30 cents less than the maximum of 2188 euros per liter practiced on June 10th.

See also  Chia has no inventory and raises prices for high-capacity hard drives

However, prices remain higher than before the Russian invasion of Ukraine:

This increase is not large only because the government, in the meantime, has reduced the tax on petroleum products (ISP), which was extended until the end of August. As explained in the message of the Ministry of Finance in early July, “the reduction in the tax burden will be 28.2 cents per liter of diesel fuel and 32.1 cents per liter of gasoline.”

In other words, were it not for the temporary tax cut, today’s fuel would be at the following prices:

In other words, although oil is already below what it was before the war, the price of diesel would have been almost 23% more expensive if the government had not lowered the ISP.

Why isn’t the fuel dropping? Euro factor (and adjusted)

The first reason is the euro, which depreciated about 9.3% against the dollar on the eve of Russia’s invasion of Ukraine. Thus, if the price of Brent is lower than in dollars, then when converted into euros, it remains 9% more expensive.

This explains António Comprido, president of Apetro, an association representing oil companies in Portugal. “There is an exchange rate aspect,” he points out to CNN Portugal, “we cannot compare the price of a barrel of oil in dollars with the price paid for fuel in euros.”

However, this devaluation of the euro only partly explains the difference between the increase in fuel and the current leveling off of oil compared to the pre-war period. This is where António Comprido argues with a rationale that has been repeated over the past few months: fuel distributors are not buying crude oil (valued by the Brent index), but petroleum products. And they differ in different ways.

See also  Sexta Feira Negra. Four tips for making smart choices this year

“The price of fuel is not tied to the price of a barrel,” replies the president of Apetro. “It so happened that the price of petroleum products rose much more than oil. This happened because in Portugal we used a lot of refined products that came from Russia. The embargo on Russian oil has a direct impact.”

Will prices drop further?

The evolution of international markets suggests a further decline in final fuel prices next week, maintaining the trend of the last month and a half. “Since mid-June, there has been a drop in prices,” António Comprido emphasizes.

As for the development after next week, the volatility of the last few months does not allow one to be sure. World oil prices fluctuated as a result of sanctions against Russia, diversification of supply sources, production announcements by producing countries and economic expectations.

Fears of an economic recession next year in the United States and perhaps in some European countries are one of the factors that led to the fall in oil prices. The less economic growth, the less energy consumption. Soon the demand for oil will decrease.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Everything has been delivered. 10 Bugatti Centodieci are already in the hands of the owners

Published

on

Everything has been delivered.  10 Bugatti Centodieci are already in the hands of the owners

OAll Bugatti Centodieci have been delivered, the Molsheim-based brand said on Monday. Cristiano Ronaldo received the number 07 in October this year. and Bugatti has now revealed that the latest unit – #10 – is already in the possession of its owner.

“The Centodieci combines all the values ​​of the Bugatti brand in an extraordinary package: rarity, innovation, heritage, craftsmanship and unrivaled performance. The production batch of 10 units was so in demand by our customers that it was sold before the Centodieci. was even officially presented,” said Christophe Piochon, president of Bugatti.

This latest example is finished in Quartz White with carbon fiber trim on the bottom and matte grilles. The brake calipers are painted in Light Blue Sport, as is the logo on the rear that refers to the EB110, the iconic Bugatti model that inspired this Centodieci. Inside, the predominant color is also blue, as you can see in the images above.

This block is powered by the same block as the other nine instances. The 8.0-liter W16 with four turbines is capable of developing 1600 hp. In terms of performance, this allows the Centodieci to hit 100 km/h in just 2.4 seconds and reach a top speed of 380 km/h.

Recall that each unit costs the owners eight million euros before taxes.

Read also: We already know when the Bugatti Centodieci fell into the hands of Ronaldo.

Continue Reading

Economy

The first Dacia hybrid. “The cheapest hybrid family on the market”

Published

on

The first Dacia hybrid.  "The cheapest hybrid family on the market"

BUT Dacia revealed this Monday that the hybrid engine has been available since March on the Jogger, the Romanian brand’s model known to be available with a seven-seat variant.

The Jogger Hybrid 140, Dacia’s first hybrid, will hit dealerships in March, but customers can expect and order it as early as January.

The price has been revealed by Dacia and since it’s only available in the seven-seater SL Extreme, it starts at €28,800. The brand claims it is “the most affordable hybrid family car on the market.”

Available in six existing colors to celebrate the launch of this hybrid, there will be a slate gray version, as you can see in the images above.

Equipped with a 1.6 liter four-cylinder petrol engine with 90 hp, the Jogger is also powered by two electric motors (a 50 hp engine and a high-voltage starter-generator). The total power is 140 horsepower. The electric transmission is automatic, four-speed, connected to an internal combustion engine, and two speeds are connected to an electric motor. This combined technology was possible, according to Dacia, only due to the lack of clutch.

Combined with the energy recovery levels of the 1.2kWh (230V) battery pack and the efficiency of the automatic transmission, regenerative braking delivers all-electric traction on 80% of urban journeys and saves up to 40% of fuel compared to a combustion engine vehicle.

Read also: Dual-fuel Dacia Jogger Eco-G. We tried 5 seater and LPG…

Continue Reading

Economy

See how Tesla tests its electric Semi truck in the worst-case scenarios

Published

on

Tesla Semi camião elétrico testes

Tesla has finally been able to bring its long-awaited Semi to market. This electric truck promises to revolutionize transportation and bring all the unique characteristics of this type of electric vehicle to this class of vehicles.

Now that the first units have been delivered, there is hope that they will finally be mass-produced and reach more transport companies. With so many promises to be kept, a new video is now emerging showing Tesla testing its Semi truck under worst-case scenarios.


Tesla Semi is already on the market

Like all Tesla electric vehicles, Semi follows the same line of creating a unique design associated with a platform with the most modern technology available. The proof is in what was presented to the public and surprised most people.

To prove the quality of this new proposal, Tesla published in your LinkedIn account new video. In it, he reveals some of the testing he's done to determine the strength and quality of the Semi's design and its (potential) durability.

Tests to prove its durability

It has been revealed that the Tesla electric truck is subjected to numerous tests and its application in the worst scenarios that drivers may face. It doesn't stop at the ruggedness of the Semi's designs, but goes further and focuses on the motors and batteries themselves.

This is the proof that many have been waiting for to ensure that this new proposal is not limited to a lot of autonomy. Its resistance is great and will provide greater durability, further enhancing the Semi's value and performance.

high quality electric truck

Tesla has already showcased the Semi's quality with a video showing its truck driving roughly 500 miles on just one charge. The big news here is that he managed to make this long journey with a maximum load of about 37 tons.

Now Tesla remains to widely place the Semi on the market. At the moment, only a few companies have access to this new product, with a very long list of pending deliveries, who want to start mass-using this electric truck offering.

See also  Chia has no inventory and raises prices for high-capacity hard drives
Continue Reading

Trending