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Pump prices at record high

Motorists are feeling the pain of the euro crisis where it hurts most – in their pockets. With the dollar rising against a weakening euro, oil prices – which are quoted in US dollars and determine the cost of petrol – are soaring for euro area countries like Finland.

Bensan hintanäyttö.
A weaker euro is making US dollar-denominated crude oil -- and its by-products -- more expensive for euro users. Image: Yle

The litre price of petrol has risen to an all-time high, according to the Finnish Petroleum Federation.

Currently one litre of 95-octane petrol costs on average 1.74 euros, while 98-octane fuel will set motorists back 1.98 euros.

The last time pump prices peaked it was April, when 95-octane cost 1.72 euros per litre and 98-octane, 1.77 euros.

The average price of diesel fuel is now just under 1.57 euros, having declined from a high of 1.58 euros in March.

Anne Maskula, the Federation’s Finance Manager notes however, that winter grade diesel was used in March and is typically pricier than summer grade fuel.

This means that the price of diesel fuel is also set to rise with the onset of wintry conditions.

Many factors influence prices at the pump. Today’s upward price trend has been “fueled” by the weakening of the euro against the dollar, since the price of crude oil is quoted in US dollars.

The current price of North Sea Brent crude oil is around 110 US dollars per barrel.

When crude oil prices peaked at 147 US dollars per barrel in the summer of 2008, the price at the pump was around 1.57 euros, according to Maskula’s statistics.

At the time possible increases in consumer prices were suppressed by the relative strength of the euro against the dollar.

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