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Fuel in Europe - what is the data on consumption telling us?

In: CNB Global Economic Outlook - December 2022

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  • Petr Polak

Abstract

Consumers around the world are feeling the rise in prices in commodity markets, especially in fossil fuels, not only in higher energy prices in their homes, but also in fuel prices at filling stations. According to the available data, consumers are not very sensitive to price when it comes to fuel consumption. At the same time, they spend on average a relatively small proportion of their income on this item. In spring, governments responded to the price increases in an effort to stop this rise and bring down the prices of expensive fuels. Given the situation on the car market and the current trend, it can be argued that fuel consumption, and thus the demand for primary raw materials, will remain at the current levels in the coming years.

Suggested Citation

  • Petr Polak, 2022. "Fuel in Europe - what is the data on consumption telling us?," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - December 2022, pages 14-17, Czech National Bank.
    • Handle: RePEc:cnb:ocpubc:geo2022/12
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    File URL: https://www.cnb.cz/export/sites/cnb/en/monetary-policy/.galleries/geo/geo_2022/gev_2022_12_en.pdf
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