Fuel prices are already at record highs, but the increase is not yet in sight. In fact, because of the outbreak of war in Ukraine, there is a real chance that a petrol price of €2.25 per liter will soon be reached.
At least that is the conviction of Paul van Selms of consumer collective UnitedConsumers. Due to the war in Ukraine, the recommended retail price for a liter of petrol will probably exceed €2.20 for the first time on Friday. “I do not rule out the possibility that we will even reach €2.25 next week,” says Van Selms.
Oil prices have risen sharply due to the Russian invasion of Ukraine. For a barrel of Brent oil, an important benchmark, you paid $105.32 (€94.27) on Thursday morning. That is an increase of 7 to 8 percent compared to Wednesday evening. The price of the widely traded US WTI oil rose by more than 6 percent. Van Selms expects that the major oil companies in the Netherlands will increase their recommended prices on Friday as a result.
The average suggested retail price is already €2,195 on Thursday. “It is almost inevitable that we will exceed €2.20 tomorrow.” Prices for diesel and LPG are also likely to rise further. “But I don’t expect prices to rise by a dime in the near future. Tensions in Russia and Ukraine have been going on for a while and oil traders have already partly incorporated that turmoil into their prices in recent weeks.” However, he points to another factor that could influence prices at the pump. “You see that in times of turmoil, many investors buy dollars, because they are fairly stable in value. As a result, the price of the dollar can rise against the euro. And because a lot of oil is traded in dollars, this causes extra costs in Europe. “
In recent months, motorists at the pump have already lost more and more. The price for a liter of petrol exceeded €2 for the first time in the autumn. So now almost 20 cents have been added. Incidentally, most gas stations opt for an amount below the recommended retail price. But those who still want to fill up with petrol for less than €2 per liter will have to search very carefully.
– Thanks for information from Autoweek.nl