Liter of petrol cost rises back over 2 euros after OPEC+ intervention

The suggested retail price for a liter of petrol rose back above 2 euros in the Netherlands this week. Crude oil has become more expensive for the third week in a row and that is now noticeable at the pump. The price increase was given an extra jolt this week by the unexpected decision of oil cartel OPEC+ to further cut production.

Since mid-March, oil prices have climbed by about a quarter. Earlier that month, prices fell sharply due to the unrest in the banking sector, but now there has been a strong recovery. On Monday, the oil price jumped by more than 6 percent, after the OPEC+ decision to cut production by more than a million barrels per day from May to keep prices inflated.

The price per barrel of American WTI crude oil is currently $80.46, with one barrel containing 159 liters. Brent, the benchmark for oil from Europe, the Middle East and Africa, costs $84.94 a barrel. Analysts have said oil prices may continue to rise.

According to Dutch consumer collective UnitedConsumers, the suggested retail price for a liter of Euro95 petrol is now 2.030 euros. That was still 1.989 euros on Monday. Diesel has risen a fraction in price to 1.762 euros per litre. Filling station owners can deviate from the recommended prices regarding the major oil companies.

Motorists usually only pay those prices along the highway. Prices are often lower at pumping stations elsewhere.