Prices in the oil market plummeted after negotiations by leading oil countries to cut production volumes to stabilize oil prices failed. However, the prices of fuel at Swiss petrol stations depend on many other factors. The gasoline will therefore hardly be cheaper for the time being.
In the wake of the global exchanges, which had been reported as a result of the corona virus crisis and a dispute between the oil-producing countries, oil prices had plummeted at the beginning of the week. On Monday, crude oil prices suffered the biggest drop in percentage in almost 30 years. Quotations for crude oil from the North Sea and for US oil temporarily fell by more than 30 percent.
A barrel (159 liters) of the North Sea type Brent last cost $ 32.83. The price was $ 12.44 lower than on Friday. The price of American crude oil of the WTI variety dropped by $ 12.44 to $ 28.84. Such a crash was last seen when the Gulf War broke out in 1991.
But gasoline prices hardly drop
So far, however, the drop in price has had little impact on the way to the petrol station. According to the industry association Avenergy Suisse, which represents the interests of importers of liquid fuels in Switzerland, there are no massive price fluctuations at the Swiss petrol pumps, even in the event of international crises. “It is difficult to predict whether and when drivers will feel the effect of the oil price cut,” Daniel Schindler, Head of Communication at Avenergy Suisse, told the AWP news agency on Monday.
The fact that gasoline and diesel prices in Switzerland do not move immediately is also due to the fact that the price at the petrol station is only partly determined by the price of crude oil. A good half of the price per liter consists of the mineral oil tax, the mineral oil tax surcharge and import taxes.
In addition there are sales, procurement and freight costs. At least the procurement costs have now dropped rapidly. However, since the petrol pump price depends on numerous other parameters, consumers in this country can only expect relatively small savings in fuel costs.
Companies suffer more
The fall in the price of oil has meanwhile had a much clearer impact on the share prices of Swiss industrial groups such as Sulzer. Shortly after the start of trading, the Sulzer papers lost around a quarter of their value and reached a new multi-year low at CHF 58. They had to be suspended from trading in the meantime.
At Sulzer, more than a quarter of sales in 2019 came from the oil and gas business. (fal / sda)
Created: 09.03.2020, 11:09 AM
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