Government monitoring fuel retail margins as prices rise

The Czech government is responding to rising petrol and diesel prices by monitoring fuel retailers’ margins, Novinky.cz reported. According to the news site, the cabinet is not planning additional measures for now.

The opposition Civic Democratic Party (ODS) has proposed temporarily reducing the excise tax on diesel, which has been increasing in price much faster than petrol in recent days.

Analysts expect this trend to continue and say prices at petrol stations are likely to soon exceed CZK 40 per litre.

According to the Administration of State Material Reserves (SSHR), there is no risk of fuel shortages and supplies to Czech refineries remain smooth.

Fuel prices began rising sharply last week in connection with the ongoing conflict in the Middle East.  Data from CCS show that diesel has increased by an average of CZK 5.53 since the end of February to CZK 38.63 per litre as of Sunday. The price of Natural 95 petrol has risen by an average of CZK 2.60 since the end of February to CZK 36.21 per litre.