Recommended petrol price rises towards 2.30 euros per liter

The recommended retail price for petrol in the Netherlands is continuing to rise, and is approaching 2.30 euros per liter for the Euro 95 variant. Prices on the international oil market are also continuing to rise, and have reached the highest levels since early November 2022.

According to consumer organization UnitedConsumers, the recommended retail price for a liter of Euro95 is now 2.288 euros. That was 2.260 euros on Monday. That is still short of the record set in June 2022, when the recommended retail price soared to just over 2.50 euros.

The recommended retail price for a liter of diesel is now 2.088 euros. That was still 2.025 euros at the beginning of this week. The recommended prices for the major oil companies are usually only seen at filling stations along the highways, because operators may deviate from recommended prices, particularly at independently owned stations. Fuel prices are often lower away from the highways.

Since June, oil prices have risen by about 30 percent. Oil price hikes are mainly being driven by production cuts in Saudi Arabia and Russia, while global demand could rise to a record level this year. This threatens to create a large gap between supply and demand in the fourth quarter. The price of a 159-liter barrel of U.S. WTI crude oil is now almost 91 dollars, and a barrel of Brent oil is now worth more than 94 dollars.

Some analysts believe Brent prices could rise to $100 per barrel due to production cuts. Demand from China, the world’s largest oil importer, may also strengthen due to the Chinese central bank’s support measures for the economy. The prospect of an end to interest rate hikes in the United States and Europe could also boost oil demand.

The pain motorists feel in their wallets could become even greater next year. Petrol and diesel prices are likely to rise further due to the expectation that the Dutch government will move forward with plans to increase the excise duty on fuel from January.