The pandemic and climate crises have led the cost of fuel to skyrocket, a run-up made worse by the war between Russia and Ukraine with petrol and diesel at all-time highs: above 2 euros per litre. Reason why the hauliers had announced one on Friday national strike starting from 14 March, however stopped by the Strike Guarantee Commission having failed to meet the minimum notice requirements. United Transport, however, goes straight ahead announcing the suspension of services all the same.
But what is behind these increases? The Ukrainian crisis is only one of the causes of the price increase, linked above all by the trend of other factors which consequently can be influenced directly or indirectly by theUkrainian invasion of Russia, one of the world's largest producers of energy. For the Minister of Ecological Transition Roberto Cingolani they are "a colossal scam resulting from unspeakable speculation". It applies to oil as well as gas, now out of control.
Energy, gas, petrol and diesel: never so high
The prices of fossil fuels and raw materials continue to rise, driven by tensions on the oil market caused by the Ukrainian crisis. And for consumers they turn into the dear bills and in expensive fuels of petrol and diesel. In addition to this, then there is inflation which is accelerating relentlessly, with a peak not seen since 1996 (+5,7% on an annual basis) and which certainly does not help the expenditure of the Italians and the growth of the economy.
However, the reasons for the high price do not lie in the imminent supply shortage (being stable at the moment) but in the eventuality anticipated by the market that it could occur in the future. And the fear that Russia might cut off gas supplies drives up the cost of blue gold and, consequently, that of all industrial processes, creating a vicious circle that is difficult to break.
Oil prices have often risen in recent years, but we have never seen this fuel price shock. Compared to 2008, i oil prices they are still lower with crude oil at 111,5 dollars a barrel on the Brent price list (against 147,5) and 108,60 dollars (against 147,21) on the Wti index. But, according to data from the Ministry of Ecological Transition, in the midst of the financial crisis the cost of petrol was 1,47 and diesel 1,45 euros, today instead they run towards 2,5 euros per litre. So why do we have such high fuel prices today?
Why are petrol and diesel prices rising?
In reality, these increases are also the result of other factors such as the increase in the price of energy raw materials, the (unfavorable) euro-dollar exchange rate and the excise duty on fuel and VAT. Only on the latter can the Italian government intervene with the awareness that – sterilizing VAT on fuels and reducing the weight of excise duties – would mean burdening this year's budget.
Like any product, petrol too sees its production as the result of various processes such as processing, refining, storage, transport and distribution of the finished product. These activities are affected by the vertiginous increase in all energy raw materials.
The second point to underline is the weight of the exchange euro Dollar (in area 1,09). One euro of 2022 is not equivalent to one euro of 2008 when the exchange rate was favorable and the final price in Europe was below the threshold of 100 euros per barrel (equal to 97 euros), while it has been exceeded in recent days. According to Istat data, it has revalued by 22,45% in 14 years.
Then there is a third point: theVAT at 22% and the Excise historically very high in Italy. According to the survey released by the Ministry of Ecological Transition on February 28, the weight of the combination of VAT and excise duties on fuel is 57% of the final cost of petrol and 53,5% of the total price of diesel.
Cingolani: "We need a maximum ceiling for the price of gas"
"We are in the presence of a colossal scam that comes from the nervousness of the market", underlined Cingolani on the "unjustified" increase in the price of fuel. The market has raised prices "unreasonably" and it is "businesses and families" who pay. To stop this speculative spiral, according to the minister, a European price ceiling must be set.
"Anyone who exports gas cannot count without Europe: we need a maximum ceiling for the price of gas, an attractive cost that does not bury the market", for example we can argue around a figure of 80 euro megawatt/hour which it is already double what we paid a year ago”, added the Minister of Energy Transition in an interview with Sky Tg24.
Our dependence on gas from abroad cannot be resolved with the opening of new nuclear power plants because it is "too late" but "we must accelerate renewable sources", pressed Cingolani. “Italy is paying for not having diversified its energy production” while our EU comrades “didn't stop at gas and a few renewables like us”. And then he indicates the path to take: "diversify and quickly recover lost ground". But then "a drastic measure" at the European level will also be needed, concluded the minister, explaining that Europe is working to Repower Eu, a package that includes various measures: from extra profits to various fiscal measures.
