The previous record was set on March 10, two weeks after the Russian invasion of Ukraine. Then the price for a liter of Euro95 peaked at 2.50. Today a liter costs an average of 2.49, evidenced by data from consumer organization United Consumers.
This is the average national suggested retail price (GLA). At gas stations along highways you sometimes pay even more, but at unmanned filling stations usually less.
Effect of excise duty reduction gone
With the price increase in recent weeks, the effect of the excise duty reduction now completely obliterated. After the cut on April 1, the average price fell from 2.46 to 2.25. The current price is now well above that.
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The same goes for diesel. After the excise duty reduction, the price dropped to 2.15 euros, currently a liter of diesel costs again 2.18† That is still far from the record of 2.37 euros per liter of diesel that was achieved on March 10.
European boycott of Russian oil
The price increases of recent weeks have been caused by the fact that oil has become more expensive on the international market. Since the beginning of May, the price of a barrel of Brent crude has risen from USD 108 to USD 121, 12 percent more.
In more or less the same period, a European boycott on Russian oil and gas was also negotiated. The price increases at the pump are the aftermath of this, says Paul van Selms of United Consumers, who emphasizes that the price at the pump is not only determined by the oil price.
OPEC will inflate more
At the beginning of this week reached an agreement on the boycott† And that explains the enormous price increases in the past week, says Van Selms. “Even though the boycott has been in the air for weeks, it’s only real when it’s real.”
In response to the boycott, the main oil producing countries (united in OPEC) have decided to pump a little more oil† “That has a dampening effect on the price,” explains Van Selms. “And so the expectation in the market is that we have reached the peak for the time being.”
However, he does not rule out the possibility that fuel prices will rise further. “The war in Ukraine is far from over, that continues to play a major role in the background. For the rest of the year we will have to learn to live with prices well in the two euros.”
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Motorists do not have to count on help from the government for the time being. Rising fuel prices are not yet a reason for the cabinet to take action to further ease the pain for citizens. The cabinet keeps a ‘finger on the pulse’, said Deputy Prime Minister Carola Schouten yesterday.
She admitted that the earlier cut in excise duties is not enough to keep prices down. But for the time being, the government will not take any more measures to limit the loss of purchasing power. The cabinet will only look into this in August, Schouten said.
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