154

News

Russian oil embargo will retain high petrol prices

Christian Wenande
May 31st, 2022


This article is more than 2 years old.

Greater global demand and dwindling supply will see people in Denmark needing to acclimate to steep prices … maybe to the end of the year

“Hit the road Jack and don’t you pump that black no more, no more, no more, no more …” (photo: Pixabay)

The EU’s decision last night to cut two-thirds of its oil imports from Russia will do more than hamper the Kremlin’s coffers. 

It will probably mean that the high petrol prices in Denmark will be here to stay for a while longer.

With increased global demand as the world slowly emerges from the COVID-19 pandemic, taking a big oil player like Russia out of the equation will lead to a smaller supply of oil globally. 

And you don’t need to be a rocket scientist to figure out that greater demand + less supply = higher prices. 

READ ALSO: More price hikes in retail on the way

Might stretch into 2023
“The typical citizen will need to get used to the high petrol prices we’ve seen this year continuing in the coming months or through the rest of the year,” Jens Nærvig Pedersen, a Danske Bank commodity analyst, said according to Avisen Danmark. 

The EU agreed to phase out oil transported by ship from Russia by the end of the year, while oil delivered by pipeline will be halted when possible – a more fluid timeline.

The EU decision is designed to hit Russia economically in light of its invasion of Ukraine.


Share

Most popular

Subscribe to our newsletter

Sign up to receive The Daily Post

















Latest Podcast

A survey carried out by Megafon for TV2 has found that 71 percent of parents have handed over children to daycare in spite of them being sick.

Moreover, 21 percent of those surveyed admitted to medicating their kids with paracetamol, such as Panodil, before sending them to school.

The FOLA parents’ organisation is shocked by the findings.

“I think it is absolutely crazy. It simply cannot be that a child goes to school sick and plays with lots of other children. Then we are faced with the fact that they will infect the whole institution,” said FOLA chair Signe Nielsen.

Pill pushers
At the Børnehuset daycare institution in Silkeborg a meeting was called where parents were implored not to bring their sick children to school.

At Børnehuset there are fears that parents prefer to pack their kids off with a pill without informing teachers.

“We occasionally have children who that they have had a pill for breakfast,” said headteacher Susanne Bødker. “You might think that it is a Panodil more than a vitamin pill, if it is a child who has just been sick, for example.”

Parents sick and tired
Parents, when confronted, often cite pressure at work as a reason for not being able to stay at home with their children.

Many declare that they simply cannot take another day off, as they are afraid of being fired.

Allan Randrup Thomsen, a professor of virology at KU, has heavily criticised the parents’ actions, describing the current situation as a “vicious circle”.

“It promotes the spread of viruses, and it adds momentum to a cycle where parents are pressured by high levels of sick-leave. If they then choose to send the children to daycare while they are still recovering, they keep the epidemic going in daycares, and this in turn puts a greater burden on the parents.”