- The recommended prices for a liter of petrol and a liter of diesel have risen by almost 20 cents and 10 cents respectively since the beginning of this year.
- The recommended retail price for a liter of Euro95 is now 2.235 euros and that of diesel is 1.97 euros per liter, reports consumer collective UnitedConsumers.
- Fuel prices are rising partly due to increasing tensions in the Middle East.
- Also read: An overview of your money: petrol is more expensive, the stock market continues to pile record after record
Prices at the pump have risen considerably in recent months, following higher oil prices. Since the beginning of this year, the recommended retail price for a liter of gasoline has risen by almost 20 cents. The recommended price for diesel increased by approximately 10 cents per liter during that period.
This is reported by consumer collective UnitedConsumers.
The recommended retail price for a liter of Euro95 is now 2.235 euros and that of diesel is 1.97 euros per liter. These recommended prices are usually only charged at pumping stations along highways. Gas station owners may deviate from the recommended prices of the major oil companies.
Oil prices are now at their highest level in about five months.
Unrest in the Middle East means expensive oil
This is partly due to the further increasing tensions in the Middle East, after Israel carried out an airstrike on the consular building of the Iranian embassy in the Syrian capital Damascus on Monday. Two generals of the Iranian Revolutionary Guard were killed. Five other members of the Guard also did not survive the attack.
Tehran has said it will respond seriously. Iran is an ally of the Houthi rebels in Yemen. They regularly carry out attacks on ships in the Red Sea, including oil tankers. The Houthis could possibly increase those attacks further or Iran could attack tankers in the Persian Gulf.
Production restrictions by OPEC+ also play a role in higher oil prices. The group of major oil-producing countries, including Saudi Arabia and Russia, will meet again on Wednesday to discuss production. The production cut of more than 2 million barrels per day is then expected to continue until the end of the second quarter.
Other factors also play a role, including temporarily reduced oil exports from Mexico. Figures have also emerged about a growing Chinese industry. China is the world’s largest importer of crude oil. If production in China picks up, oil demand will most likely increase, which will therefore lead to higher prices.
The price of a barrel of American WTI oil is now almost $85 and Brent oil costs more than $88 per barrel (of 159 liters).
