Petrol prices to hit 2 Swiss francs a litre amid global fuel crisis
Drivers in Switzerland will soon feel a pinch at the pumps, as the price of petrol is set to rise to more than two Swiss francs a litre. Poor weather and the continued tensions between Russia and Ukraine are blamed for the price rises.
Petrol prices in Switzerland to rise further
The price of a barrel of oil passed the 92-dollar mark on Monday, with the industry association of fuel importers, Avenergy Suisse, predicting that the price will soon rise to 2 Swiss francs a litre in some Swiss cantons. The Touring Club of Switzerland (TCS) announced that it had detected three price rises of over 3 rappen (3 centimes) a litre since the year began.
TCS expert Erich Schwizer predicted that 2022 will be a year like “2008 and 2012 with comparatively high petrol and diesel prices." In 2008, the price for a litre of petrol stood at 1,99 Swiss francs and 2,27 francs for diesel, causing huge financial strain on hauliers and international companies.
Price of oil rises globally
The price of oil has continued to rise globally. Avenergy Suisse said in a report that geopolitical issues in the Middle East, coupled with poor weather in the US and the continued tensions between Russia and Ukraine, is fuelling the price rises.
More recently, members of the OPEC+ group - the countries that export the most oil - agreed to a modest increase in oil production to 400.000 barrels a day. However, Avenergy Suisse believes that this will not be enough to meet global demand.
While the price of petrol in Switzerland has been affected by global events, experts also blame the refinery costs, shipping and taxes included in the import of fuel to Switzerland. Experts made clear that so long as crude oil prices remain high, the price at the pump will be high as well.