Petrol-price hike predicted for summer

Petrol prices in Sweden will go up for summer, experts warned on Friday, with fears that unrest in Ukraine could set off the crude oil market and see a further surge.

Petrol-price hike predicted for summer
An OKQ8 petrol station in Sweden. File photo: TT

By July, the petrol price in Sweden should reach above 15 kronor ($2.26) per litre, the industry association SPBI (Svenska petroleum- och biodrivmedelinstitutet) told the TT news agency on Friday.

"So far, the price has gone up 0.6 kronor ($.09) since the lowest level in January," CEO Ulf Svahn said. "If we're lucky… it stops here. If we're unlucky – seen from the driver's perspective – it could increase by the same amount again."

Experts warned that the crisis in Ukraine meant it was difficult to predict petrol prices in the short and medium term.

"The oil market is such a nervous market, it reacts very quickly, so (the price) can spike at any time when it comes crude oil," said Göran Lindblå, chairman of petrol station chain OKQ8.

"Not least because Russia is such an important exporter to Europe."

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