Fuel prices at highest level in five years

Petrol and diesel prices continue to rise. The national suggested retail price for a liter of Euro95 is currently 1.80 euros, the highest in five years. The suggested retail price for a liter of diesel is 1.46 euros. The petrol price increased by around 20 cents since the start of this year, the diesel price by about 10 cents, NOS reports.

The price increases is almost in line with the sharp rise in the oil price. A barrel of Brent crude oil currently costs over 70 dollars, 23 percent more expensive than at the start of this year. The oil price increase has to do with the OPEC countries starting to produce less oil. Sanctions against Iran and the trade war between the United States and China also play a role. 

The fuel price increases means that the average motorist will spend almost 200 euros more a year on filling up, Paul van Selms of United Consumers said to NOS. United Consumers compiles the national recommended retail price for fuel on a daily basis, based on the prices of the largest oil companies. 

While the fuel price is high, it is not yet record high. That record dates from October 2012, when a liter of Euro95 cost 1.90 euros and a liter of diesel 1.55 euros.