Gas prices at record high due to escalation at Ukraine/Russia border

The price for a liter of petrol rose to a new record high on Saturday. Tensions on the border between Russia and Ukraine are pushing up already high oil prices. The markets consider that Russian oil and gas exports will be affected by an escalation of the conflict, for example, in the case of economic sanctions.

The average national suggested retail price for a liter of Euro95 will rise to 2.146 euros this weekend, consumer collective UnitedConsumers reported. With that, the record of last November is off the books.

The recommended retail price of a liter of diesel was historically high on Friday at 1.832 euros. UnitedConsumers keeps track of the suggested retail prices of five major oil companies that sell gas in the Netherlands.

Market expert Paul van Selms from UnitedConsumers pointed to other causes of the increased fuel prices in addition to geopolitical tensions. For example, the dollar has become worth more than the euro and oil is nearly always settled in dollars.

In addition, oil prices have been on the rise due to the rapid economic recovery, which means that the industry needs more raw materials. The cartel of oil-producing countries OPEC is gradually increasing its production for the time being but will reevaluate a March quota again next week.