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Analyst: Petrol prices likely to rise this autumn

Geopolitical situation uncertainty and growing US demand are likely to cause a hike in oil prices, according to an analyst at Nordea Bank.

Petrol Nozzle
Image: EPA/Oliver Berg

The price of oil is likely to increase in the coming months and as a result, drivers can expect to pay more for petrol at the pump, says Jan von Gerich, chief strategist at Nordea, the Helsinki-headquartered Nordic bank.

"In the US, the demand for petrol peaks in August, as many go on holiday then. That is one factor pushing up the prices at the pump. In addition, the uncertain geopolitical situation could put pressure on petrol prices," von Gerich told Yle on Tuesday.

"At the moment, the price of Brent crude oil is hovering around 75 US dollars per barrel," von Gerich said.

"It could easily rise to more than 80 dollars. The oil market is very sensitive to disturbances in production, so if a political situation were to escalate, the price could jump."

However, von Gerich said it is likely to take a few months before a hike in oil prices translates into dearer petrol in Finland.

Compared to the rest of the EU, drivers in Finland pay average prices for petrol, according to an Yle article published earlier this year (in Finnish).

Drivers in eastern Europe and the Baltic countries pay the least for petrol, while prices at the pump in Denmark, the Netherlands and Italy are the highest in the 28-member bloc.

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