The price of Brent crude oil per barrel fell yesterday to its lowest level in three months. It dropped to $89.21, with the previous low for the last three months having been $87.07 on August 13.
However,
this does not necessarily mean that prices at gas stations will follow suit. As is well known, for prices in Cyprus to adjust proportionally at the pump, international prices must stabilize so that cheaper fuel can be imported into the country when fuel orders are placed.
Today, prices have rebounded, climbing to $92.00.
August was a telling example, as the average price of Brent crude per barrel was close to today’s level, at $91.08.
Average Prices in August
The average price in Cyprus in August for unleaded 95 was €1.586, for diesel €1.780, and for heating oil €1.441.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Today’s prices
Today, the corresponding prices for unleaded 95, diesel, and heating oil are €1.677, €1.998, and €1.580, respectively.
So, if the average price of Brent crude per barrel remains in November at levels similar to those of the past 24 hours, then we can expect slight decreases of about one cent for unleaded 95 (€0.091), a little more than two cents for diesel (€0.218), and close to 1.5 cents for heating oil (€0.139).
Today’s prices reflect the relative calm on the Iranian front, with Donald Trump announcing that the likelihood of new strikes on the country is low.
“Should there be any change in developments in the Middle East, the U.S. is ready to take action. For now, however, this seems quite unlikely. Israel, as well as the entire Middle East, is protected from the danger and threats posed by Iran. “We are seeing positive momentum toward ending this conflict.”
Donald Trump – President of the United States
Trump’s statement reassures the markets but does not coincide with an increase in traffic through the Strait of Hormuz.
On the contrary, while the pre-war average number of daily transits was approximately 85 tankers, the average over the last 7 days was nearly 7, with just 5 transits in the last 24 hours, while 488 tankers are currently waiting.
Last Saturday, crossings were also limited to 5; on Sunday, there were none; while the previous weekend, a total of 31 tankers passed through the Straits.
See the report by Neoklis Neokleous:
