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Petrol price rises to record high of almost 2 euros | Economy

The price for a liter of petrol has risen to a new record due to the rising oil price. According to consumer organization UnitedConsumers, the recommended retail price for a liter of E10 (Euro95) is now an average of 1,989 euros nationwide.




The recommended retail price for a liter of diesel is now an average of 1,635 euros. That is also the highest price ever for that type of fuel, according to UnitedConsumers, which tracks daily recommended prices for five major oil companies. The Dutch fuel price consists largely of excise duties. This is a fixed levy set by the government.

Market expert Paul van Selms of UnitedConsumers points out that the prices at many gas stations are lower because they offer discounts. The suggested retail price is often used by gas stations along highways, which are therefore more expensive.

Increased demand

According to price comparator fuel-finder.nl, it is still possible to refuel E10 at some cheap pumps in the Netherlands for a price of around 1.70 euros per liter.

The oil price has been rising for some time as demand for oil picks up due to the strong economic recovery from the corona pandemic and the supply on the market is limited. There is also speculation that supply in the oil market may come under increasing pressure due to less investment in new fossil fuel projects.

The price of a barrel of Brent oil (of 159 liters) rose on Tuesday to above 80 dollars, the highest level since October 2018. Van Selms does not rule out the possibility that the petrol price may rise above 2 euros.

Petrol price rises to record high of almost 2 euros | Economy
Source link Petrol price rises to record high of almost 2 euros | Economy

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