Balance of the month May

Further fall in household energy prices

(Bild: APA/ROLAND SCHLAGER)

In May, household energy prices fell for the eighth month in a row. The energy price index (EPI) fell by 1.9% compared to the previous month of April. Compared to the same month last year, the fall amounted to 5.9%. Consumers can take advantage of this opportunity and actively look for cheaper energy tariffs.

However, prices remain inflated compared to pre-crisis levels. As of September 2021, the EPI was up 37.3%, as the Energy Agency announced on Friday.

Diesel and premium petrol cheaper
Prices for diesel (down 4.3 percent) and heating oil (down 3.1 percent) fell somewhat more noticeably compared to the previous month. Prices for premium gasoline also fell by 1.1 percent. A 50-liter tank of diesel cost around EUR 3.5 less in May 2024 than in April 2024, while a tank of premium petrol cost around EUR 1.30 less. This trend should continue in June.

In a year-on-year comparison, however, prices for all three energy sources rose, with diesel increasing in price by 7.4 percent, heating oil by 8.5 percent and premium fuel by 5.5 percent compared to May 2023.

Pellets and firewood cheaper
Wood pellets were 1.5% cheaper month-on-month and 13.4% cheaper year-on-year. The price of firewood also fell by 0.3% in May compared to the previous month and by 17.4% compared to the same month last year.

Household gas prices fell by 0.8% compared to April and were down 17.1% year-on-year. Natural gas also fell by 17.3% year-on-year, while prices remained unchanged month-on-month. Electricity prices fell by 0.4% compared to the previous month, but rose by 2.3% compared to May of the previous year.

Prices remain inflated
Compared to pre-crisis levels (September 2021), prices for all energy sources remained significantly inflated. The price premium is highest for natural gas (142.7%), followed by district heating (up 76.5%) and heating oil (up 53.0%). The PPI itself was 37.3% higher in May than in September 2021.