The crisis situation surrounding Ukraine is starting to have a significant effect on oil prices. Then it is of course only a matter of time before we start noticing this at the pump. Rapid price increases are expected.
Gasoline will probably become even more expensive in the Netherlands in the coming days due to the rising tensions between the West and Russia between the West and Russia. Market expert Paul van Selms of consumer collective UnitedConsumers thinks that about a cent can be added per day, which would bring the suggested retail price for a liter of Euro95 (E10) towards €2.20. Now the major oil companies in the Netherlands still use a suggested retail price of €2,185. That’s slightly below the record $2.187 set last week. Diesel and LPG prices are also currently around their all-time highs.
Refueling has been getting more and more expensive for some time now. The rapid increase started last spring. This is partly due to the high demand for fuel caused by the economic recovery from the corona crisis. Another factor is the fact that the large oil-producing countries of oil cartel OPEC and ally Russia continue to be prepared to open the oil tap considerably extra. Van Selms points out that the tensions surrounding Ukraine have also been going on for some time now. According to the expert, the oil markets have therefore already largely incorporated the current developments in the price. Otherwise, oil prices would now rise even faster, he says. But if the West imposes harsh sanctions on Moscow, oil supplies could be disrupted. That does drive up prices.
Even longer for more than €2 per liter
If the situation does not escalate further, the increase in tariffs in the Netherlands will probably remain limited, according to Van Selms. As soon as tensions ease somewhat, he believes it is obvious that prices will go down again. However, he is counting on the fact that the Netherlands will be stuck with petrol prices above €2 per liter for a longer period of time.
UnitedConsumers has been monitoring the development of prices at the pump since November 2000. The lowest suggested retail price for Euro95 was measured on December 13, 2001, at €1,049 per litre. Pump operators can and usually do deviate from the recommended prices of the major oil producers. Motorists generally spend the most at motorway service stations. According to price comparator fuel-finder.nl, it is currently still possible to refuel Euro95 for around €1.90 per liter at various cheap pumps. So, as always, it pays to find out what you have lost with which pump, since there are major differences.
– Thanks for information from Autoweek.nl