Gasoline prices rise: moves toward 2,20 euros per liter

The recommended price for a liter of Euro95 is approaching 2,20 euros. Prices at the pumps are rising, partly due to the steady increase in oil prices. This is due to increasing optimism about the global economy and the tightening of supply in the oil market.

According to the consumer collective UnitedConsumers, the recommended price for a liter of Euro95 is currently 2,197 euros. Earlier this month, the recommended retail price was just over 2 euros. Diesel now costs 1,869 euros per liter. At the beginning of July, it was still just over 1,76 euros. However, gas station owners can deviate from the price recommendations of the major oil companies. As a rule, these prices are only charged on highways. Elsewhere, they are usually lower.

Market expert Paul van Selms of UnitedConsumers believes that the price is more likely to continue rising than falling. However, he believes it is very difficult to predict how prices will develop. The temporary reduction in the excise tax on fuel was still lifted at the beginning of July.

Oil prices are on track to rise for the fifth week in a row. The price of a barrel of U.S. WTI oil (at 159 liters) is now close to $80. More than a month ago, it was just over $60 per barrel. Brent oil, the benchmark for oil from Europe, the Middle East, and Africa, is now over $84 per barrel, up more than $10 from about five weeks ago.

This week saw better-than-expected figures for growth in the U.S. economy and hopes that the U.S. Federal Reserve has almost completed raising interest rates to combat high inflation. In addition, China, the world’s largest oil importer, has pledged additional support measures for the ailing Chinese economy. At the same time, the OPEC+ oil cartel led by Saudi Arabia and Russia is cutting production to boost prices.