Price of crude oil drops by 20% in global market – Fuel prices in Serbia to decrease?

Due to the consequences of coronavirus, the price of oil in the global market has been dropping for the fifth week in a row, and fuel is already cheaper in Serbia as well. Those familiar with the matter announce that the current lower prices at gas stations in the country are just the beginning.

Calculations show that the 20% drop in the price of crude oil in the global market could lead to a drop in the prices of fuel in Serbia by 6% per liter, which would mean that diesel fuel would be cheaper by 10 dinars, whereas the price of petrol would drop by around 9 dinars.

In the London market, the price of barrel dropped by 6.3% to USD 54 last week alone, whereas, in the American market, a barrel of oil dropped by 2.4% to USD 50. In late 2019, a barrel cost USD 83, and in 2014, the price went up to USD 100.

The global trends have already reflected on the oil product market in Serbia, and the data of the Association of Oil Companies of Serbia show that, between January 20 and February 3, the average price of a liter of diesel fuel at gas station in Serbia dropped by 1.02 dinars, whereas the price of petrol dropped by 0.35 dinars in the same period.

Udruženje naftnih kompanija Srbije Beograd

UNKS

Association of Oil Companies of Serbia

coronavirus

price of oil

price of oil barrel

diesel

price of diesel

London market