Lowest oil prices since January
Again good news for those who regularly visit the pump: fuel prices are likely to fall further. At least that is the expectation now that oil prices have fallen further.
Oil prices have fallen significantly in recent days. In fact, prices are at their lowest point since January of this year. For example, traders lost between 78 and 79 dollars (€74 and €75) for a barrel of North Sea oil on Wednesday morning. The drop is striking because the price peaked at €88 two days ago. On that day, the European ban on the import of Russian oil came into effect, while other Western countries introduced a price cap for Russian oil on Monday.
In the first few days, these measures did not lead to a sharp increase in the price of oil from other parts of the world. For example, US oil has also become cheaper in recent days. On Wednesday, a barrel was paid just over €73, which is considerably less than a few days ago. Oil has been decreasing in price for several months now. In June, a barrel of North Sea oil cost over €120 on some days. Since then, the price has dropped more than 30 percent. This is mainly due to reports that economic growth is leveling off worldwide. With less economic activity, less oil is needed.
Falling oil prices are likely to have an effect on the pump in a few days. On Wednesday, the average suggested retail price for a liter of petrol was still €1,929, according to figures from consumer collective UnitedConsumers. Diesel has also become less expensive in recent months. An average suggested retail price of €1,899 per liter now applies. Prices are still relatively high, especially when you consider that the excise duty reduction of last April is still in effect. Incidentally, you will pay less at most gas stations than the suggested retail prices. You can fill up a liter of petrol or diesel for roughly €1.70 locally.
– Thanks for information from Autoweek.nl