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Dr Marcin Złoty
ORCID: 0000-0002-9260-0083

Employee of the Department of Finance and International Investments at the Faculty of Economics and Sociology at the University of Lodz. His scientific interests are related to the commodity market and the process of financialization.

 
DOI: 10.33226/1231-2037.2023.2.6
JEL: E31, Q02, Q30

The aim of the article is to analyze the market of selected liquid fuels from January 2019 to mid-September 2022. The tested fuels were: motor gasoline, diesel oil and liquefied petrochemical gas. The analysis of reports and databases containing data on the analyzed commodities, fossil fuels and the USD/PLN exchange rate was used as the research method. The largest fuel entities operating in Poland are: PKN Orlen, BP, Shell and a group of private stations. The conclusion of the article is the fact that the price of fuels in Poland in the analyzed period was significantly influenced by: changes in WTI crude oil and natural gas prices, business cycle (recession during the COVID-19 pandemic), geopolitical events (start of war between Russia and Ukraine), USD/PLN exchange rate, change in value-added tax on fuels, excise duty, fuel and emission fee and margins of fuel companies. The appreciation of fuel prices in Poland at the end of the analyzed period was influenced by the depreciation of the Polish zloty and the increase in the margins of fuel companies. Fuel prices in Poland respond much faster to increases in crude oil and natural gas prices than to decreases in the prices of these raw materials.

Keywords: natural gas; inflation; fuel; commodity market; crude oil