If you fill up with petrol today, you will lose almost 3 cents per liter more than yesterday. Fuel prices at the pump are rising at a rapid pace and things have been going fast, especially in recent days.
“We used to see increases of no more than tenths of a cent in a day, but since last week there has been a cent or more on some days,” says Paul van Selms of consumer organization United Consumers. Their figures show that the national suggested retail price for petrol is at a new record: EUR 2,265 per litre. That’s 44 cents more than a year ago. Diesel is also quickly becoming more expensive. A liter costs 1,935 euros according to the suggested retail price. A year ago, the price was still 1.50 euros.
The price increases of the past few days are in line with the price of crude oil which continues to rise due to the Russian invasion of Ukraine. Oil rose again 6 percent in price last night. A barrel of crude oil now costs more than $111.
This means that the price increases at the petrol pump do not seem over for the time being. These prices usually follow the price of crude oil with some delay.
Reserves on the market
In an effort to curb oil price rises, 31 countries united in the International Energy Agency decided yesterday to market part of their oil reserves. This concerns 60 million barrels, about two thirds of the daily oil consumption worldwide.
Since the announcement of that action, the oil price has risen even further. Analysts say 60 million barrels are not enough to remove uncertainty in the oil market.
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