Will petrol prices in France come down in 2024?
Fuel prices in France remain high at the start of the new year, although not as high as in Autumn 2023. So what can drivers expect in France in 2024?
The average price for a litre of diesel dipped to €1.67 this week, down from €1.93 as recently as September. And petrol is not far behind, edging nearer to the psychological €1.70 barrier, having been close to €2 since the summer.
According to official data published on Tuesday, 2023 ended with a litre of SP95-E10 priced at €1.78 and diesel at €1.75.
The last time the price of petrol was so low was in December 2022, when the government’s €0.10 reduction was in place.
READ ALSO What changes for drivers in France in 2024
Unfortunately, it seems, drivers cannot expect prices to keep falling. Economy Minister Bruno Le Maire announced recently that the €100 fuel allowance scheme would be dictated by prices at the pumps, and said that he considered €1.95 to be a ‘reasonable amount’ for a litre of petrol.
Meanwhile TotalEnergies has extended its €1.99 per litre price cap through 2024. These are both unsubtle hints that the cost is going to remain elevated in the short-term.
One key issue is supply. Global consumption is set to break records in 2024 – forecasts suggest that demand could reach 106million barrels per day, up from 102million in 2023.
READ ALSO Is France really banning diesel vehicles from cities?
At the same time, oil producing countries that are members of Opec have been slowing production for the better part of a year to keep prices high – US oil is offsetting some of the increase.
Experts predict, therefore, that the price of a barrel of oil in 2024 will range somewhere between $75 and $85 dollars – Brent Crude was trading at $76.55 on January 3rd – meaning that prices at the pump in France at the beginning of 2024 are probably about as low as they’re going to get this year.
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The average price for a litre of diesel dipped to €1.67 this week, down from €1.93 as recently as September. And petrol is not far behind, edging nearer to the psychological €1.70 barrier, having been close to €2 since the summer.
According to official data published on Tuesday, 2023 ended with a litre of SP95-E10 priced at €1.78 and diesel at €1.75.
The last time the price of petrol was so low was in December 2022, when the government’s €0.10 reduction was in place.
READ ALSO What changes for drivers in France in 2024
Unfortunately, it seems, drivers cannot expect prices to keep falling. Economy Minister Bruno Le Maire announced recently that the €100 fuel allowance scheme would be dictated by prices at the pumps, and said that he considered €1.95 to be a ‘reasonable amount’ for a litre of petrol.
Meanwhile TotalEnergies has extended its €1.99 per litre price cap through 2024. These are both unsubtle hints that the cost is going to remain elevated in the short-term.
One key issue is supply. Global consumption is set to break records in 2024 – forecasts suggest that demand could reach 106million barrels per day, up from 102million in 2023.
READ ALSO Is France really banning diesel vehicles from cities?
At the same time, oil producing countries that are members of Opec have been slowing production for the better part of a year to keep prices high – US oil is offsetting some of the increase.
Experts predict, therefore, that the price of a barrel of oil in 2024 will range somewhere between $75 and $85 dollars – Brent Crude was trading at $76.55 on January 3rd – meaning that prices at the pump in France at the beginning of 2024 are probably about as low as they’re going to get this year.
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