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The boom in fuel prices in Switzerland in the first half of 2022 can only be partially explained by high crude oil prices. Refineries were involved with higher margins. It is not clear whether gas stations also receive flows.
This is the conclusion of the Swiss Federal Price Controller in the market watch released Thursday. The boom in fuel prices was related to Russia’s war of aggression against Ukraine, which began on February 24, 2022.
The price watcher therefore studied the margins in the value chain. It turned out that refineries significantly increased their gross margins. Since Switzerland has only one refinery in Cressier NE, its fuel supply is heavily dependent on imports – mostly from Germany.
Serious increase in refinery prices
The Federal Cartel Office there, as well as the Austrian Federal Competition Authority, found that refinery prices deviated significantly from the price of crude oil. This cannot be explained by operating costs. Neighboring countries were unable to clarify whether there was a famine or other factors.
Market observation in Switzerland agrees with these findings. Refinery Cressier NE also sharply increased its margin between March and April 2022. Refinery margins for price monitoring increased the pump price by 10 to 20 inches per liter.
Margin increase at gas stations not resolved
Due to the lack of data, market observation could not make it clear whether gas stations are also increasing their margins. But gross margin in the first half of 2022 is comparable to the same period in 2019, thanks to the four major gas station chains that responded.
Price monitoring failed to detect a systematic increase. However, it found indications that customers were at a disadvantage. Price watchers openly welcome price comparison apps, as price increases in the fuel sector are reflected quickly and fall slowly.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
