Perhaps PKN Orlen really made money from us, but on the condition that it produced fuel from crude oil bought in October or November. If he bought it, for example, four months ago, he no longer looks like that,” says Piotr Kuczynski, an analyst at Dom Inwestycyjny Xelion, in an interview with Wprost.pl.
From the beginning of 2023, the reduction in the VAT rate on fuel has ceased to apply. From January 1 of this year, instead of 8 percent, the tax is again 23 percent. This is due to the end of the so-called anti-inflationary shield (which was in effect until the end of last year), which was supposed to mitigate the consequences of record inflation. From February 1, 2022, reduced VAT on fuel came into force.
Why haven’t fuel prices increased?
The VAT change has come into effect, but the fuel prices at the stations have not changed, although according to calculations, the price increase should be about 1 zloty. This does not surprise Piotr Kuczynski, an analyst at Dom Inwestycyjny Xelion. “I have been looking forward to this for at least a few weeks. The price of crude oil in złoty has fallen by 25-30% since October, while the price of gas stations has remained virtually unchanged. It was clear that high margins were maintained so that these prices would not change from January 1st. And so it happened, it was a conscious act - Kuczynski explains.
In that case, didn’t we overpay for fuel during the Christmas and New Year period in order to feel relief at gas stations in the new year? - Of course, I hear voices that PKN Orlen made money on us. He may have actually made money, but assuming he was producing fuel from oil bought in October or November (more or less since October the złoty has been strengthening and the price of crude oil has been falling). If he bought it, for example, four months ago, he no longer looks like this - emphasizes the economist.
Source: Wprost
