Graph: The fluctuating price of petrol and diesel for drivers in France
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The price of petrol was at its lowest rate for three years last week - but this is widely expected to change due to the rising tensions in the Middle East.
Drivers might not have noticed too much yet but the price of petrol and diesel is starting to creep up.
Last week the average prices of Sans Plomb 98 (E5), Sans Plomb 95 (E10) and gasoil (diesel) were all lower, according to industry price index website carbu.com.
Sans Plomb 98 (E5) was at 1.7842€/l, today (October 4) it is at 1.810€/l.
Sans Plomb 95 (E10) was at 1.6809€/l, today it is at 1.702€/l.
These rises are a direct response to the increasing price per barrel. One month ago a barrel cost €70. Today it costs $77.
This is largely due to the mounting tension between Israel and Iran.
Around 20% of the world’s oil supply passes through the Strait of Hormuz, and the markets are concerned that open war would see major disruption to the world’s oil supply.
Nonetheless, prices were last week at a three-year low, having fallen from their spring 2022 peak during the start of Russia’s invasion of Ukraine.