Fuel prices keep rising

Oil price at its highest point in ten months

Refueling Shell petrol pumping station gas station

Prices at the pump keep rising and the tide does not seem to be turning for the time being. This is largely due to the increased oil prices. They are now at their highest point in a long time.

Oil prices rose for the fourth day in a row on Tuesday due to concerns about market tightness. Oil prices have been supported for some time by production cuts by Saudi Arabia and Russia and are at the highest level in almost ten months. The higher oil prices are clearly noticeable at the pump; according to consumer organization UnitedConsumers, the recommended price for a liter of Euro95 is now €2.30. In June last year, the recommended retail price reached a record level of just over €2.50. The recommended retail price for a liter of diesel is now €2.10. The recommended prices of the major oil companies are usually only charged along highways, fuel prices are often lower at other locations and especially at unmanned pumps.

Fuel prices already rose sharply last July, because part of the excise tax discount that the government had introduced after the outbreak of war in Ukraine was scrapped. From January 2024, the remainder of the excise duty discount would expire, meaning motorists are in danger of paying even more next year. However, a parliamentary majority would like to reverse the proposed excise duty increase. This is not an unnecessary luxury for petrol and diesel drivers, because prices are likely to rise further for the time being. Due to the tight market, CEO Mike Wirth of the American oil company Chevron expects the oil price to rise further to 100 dollars per barrel. A barrel of American WTI oil (of 159 liters) rose more than 1 percent in price to $ 92.50 on Tuesday morning. A barrel of Brent, the benchmark for oil from Europe, the Middle East and Africa, is currently paying more than $95, 0.7 percent more than a day earlier. Since the announcement of production cuts by oil producers Saudi Arabia and Russia in June, prices have risen by more than 30 percent.

– Thanks for information from Autoweek.nl

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