Recent Increase in Fuel Prices: Euro95 and Diesel Prices Soaring in July 2023

By our economics editors

Jul 28, 2023 at 5:58 PMUpdate: an hour ago

The suggested retail price for a liter of Euro95 went towards 2.20 euros on Friday. That is almost 20 cents more than at the beginning of this month.

According to consumer collective UnitedConsumers, the suggested retail price for a liter of Euro95 is currently 2,197 euros. At the beginning of July, the suggested retail price was just over 2 euros.

Diesel now costs 1,869 euros per litre. That was just over 1.76 euros at the beginning of July. Pump holders can deviate from the recommended prices of the major oil companies. Those prices are usually only asked along the highway. Elsewhere they are usually lower.

We are not yet back to the record prices of March last year. Just before that, Russia had started the war against Ukraine and the recommended price of petrol rose to 2.50 euros. Diesel then came out at about 2.30 euros.

Market expert Paul van Selms of UnitedConsumers says the price is likely to continue to rise rather than fall. According to him, it is very difficult to predict how prices will develop. At the beginning of July, the temporary reduction in fuel excise duty was abolished.

Fuel is cheaper across the border

Anyone who still has enough in the tank and is traveling into Europe by car this summer would do well to fill up across the border. The latest figures show that petrol in Germany and France costs around 1.84 euros per litre. In Belgium, drivers pay even less: around 1.80 euros.

Diesel prices vary from about 1.69 euros per liter in Germany to 1.80 euros per liter in Belgium. France is in between with 1.71 euros per liter of diesel.

Oil prices have been rising for almost five weeks in a row. The price of a barrel of American WTI oil (of 159 liters) is now almost 80 dollars (about 72 euros). That was just over $60 a barrel just over a month ago. Brent oil, the benchmark for oil from Europe, the Middle East and Africa, is now worth more than $84 a barrel. That is more than 10 dollars more than about five weeks ago.

2023-07-28 15:58:42
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