Business News

Petrol Prices to Hit Record Highs

Ljubljana, 28 June (STA) - Prices at the pump will reach all-time highs on Tuesday, as global oil prices continue to rise. Excise duties will remain unchanged.

The price for unleaded petrol will go up by 1 cent to EUR 1.223 per liter, while premium will be 0.6 cents dearer at EUR 1.253.

Diesel will cost 1.7 cents more (EUR 1.187) and heating oil will be 2 cents dearer at EUR 0.789.

LPG will stay flat at EUR 0.699 a liter, energy company Petrol said on Monday.

According to director of the Energy, Ecology and Technology Research Institute (IREET) Djani Brecevic, petrol prices have reached record highs due to the fuel price hikes on Mediterranean stock exchanges in the past two weeks.

"It's evident that the price of crude oil has mostly been rising, as belief in economic recovery has been slightly increasing," Brecevic told the STA.

He expects the price of crude oil to stop rising in the second half of the year due to the debt crisis in the eurozone and relatively slow economic growth.

The prices of fuel in Slovenia are increasing also on account of the government's increase in excise duties. This time, however, excise duties will stay unchanged.

Brecevic believes excise duties will not increase any further in June, because the price of crude oil will continue to rise.

"The government has no more room to manoeuvre, so it will make up for the shortfall in fuel by raising excise duties for electricity and gas," Brecevic said.

Petrol prices will on Tuesday surpass the previous record from 1 July 2008 of EUR 1.217 for regular and EUR 1.252 for premium.

Diesel reached a record of EUR 1.311 per liter on 15 July 2008, while now its price will be close to the EUR 1.188 from 6 May 2008.

Among Slovenia's neighbouring countries, fuel will now be more expensive only in Italy and Hungary.

In Europe, regular is more expensive in Italy, Belgium, France, Greece, Germany, Turkey, Great Britain, the Czech Republic, Denmark, Finland, Ireland, the Netherlands, Norway, Portugal, Slovakia and Sweden.

Meanwhile, diesel costs more in Italy, Belgium, France, Greece, Lichtenstein, Germany, Switzerland, Turkey, Greta Britain, the Czech Republic, Denmark, Ireland, the Netherlands, Norway and Sweden.

Petrol prices are adjusted every two weeks in line with a pricing model that considers the price of oil derivatives on global markets and the exchange rate of the US dollar.

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