“Fuel prices are still rising. We are far from the peaks of 2022, but we are heading in that direction. I see a difficult scenario in the coming months because if Qatar’s gas is missing and Asia starts buying gas, we will have problems both with gas and electricity. Therefore, higher bills, rising inflation, and fuel prices heading towards 2.5 euros per liter. The great advantage we have is that we have been tempered by the violence of 2022-23, which still remains distant. We are approaching those highs in nominal terms, but given the severity of the crisis, this is still nothing.” Thus, speaking with Adnkronos about the further rise in fuel prices at the pump, economist Davide Tabarelli, president of Nomisma Energia.
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Fuel prices rising: the scenario for the coming months
For Tabarelli, the worrying aspect is that “there is nothing to suggest otherwise, because oil prices, diesel prices are rising, and there is a lack of refining capacity. Oil is currently at 97. But I am much more worried about gas than oil, because motorists can slow down, while the increase in gas costs is a somewhat more dangerous and worrying trend.”
Oil and gas, the risk for bills and inflation
According to the economist, the greatest concern is especially the trend of gas, with possible repercussions also on the cost of electricity. A possible increase in Asian demand, together with the reduction of supplies from Qatar, could indeed worsen the pressure on energy prices and contribute to a new rise in inflation.
Fuel excise cuts, Tabarelli’s position
Tabarelli argues that cuts to fuel excise taxes are “incentives to consume.” “I fully understand the government’s difficulties in the face of pressing requests for discounts, especially since this is an election year. However, it is the task of politics to also respond to the emergency of social and economic sectors.”
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Diesel, farmers and fishermen: the economist’s criticism
“But people have not understood the crisis we are experiencing. When I hear farmers and fishermen asking for diesel – and who already enjoy half the excise taxes compared to those we have on the road – I think they are the same ones who should have taken a stand to keep refineries open, to produce more oil in Italy, and they did not do it.”
Oil and renewables, the debate on consumption
“On the contrary, these categories often speak against oil and in favor of renewables, photovoltaic panels, and incentives for biofuels. All things that are nice, but do not make trucks, tractors, and boats run.”
