Petrol prices to rise again in the near future, specialist warns

Petrol will become more expensive in the near future, predicted Paul van Selms, a specialist from the consumer collective UnitedConsumers. The national retail price was set at around 2.17 euros last week, with diesel at 1.97, but the decision by oil cartel OPEC+ to limit the production of oil for a longer time can make the price go up, said Van Selms. The world's unrest also plays a role, Van Selms said. "For example, the Houthi rebels who are still active in the Red Sea and, of course, the war in Ukraine."

OPEC, together with allies such as Russia, decided on Sunday to extend the current production cut of barrels of crude oil until the end of June. This involves a reduction of about 2 million barrels per day, half of which will be accounted for by OPEC member Saudi Arabia. The intention is to maintain financial flows from oil exports for the OPEC+ countries. "It's impossible to say how much higher it will be, but the era of cheap crude oil and gasoline is over."

The significance of OPEC's decision is hard to say, and is dependent on several factors. "It is the question of how much power OPEC+ still has. It is not to say that the members will honor their word." Van Selms also stated that the oil volume that OPEC+ brings to the world market is lower than in the past, which means that their influence on the oil price is less than it used to be.

What currently does have more of an influence on the price is, for example, the attacks by the Houthi rebels in the Red Sea, which ensures that oil tankers are avoiding the important trade route. The war in Ukraine also has a significant influence due to the ban on Russian oil by Western countries.

China also released some oil news. Prime Minister Li Qiang announced at the People's Congress of The Chinese Communist Party (CCP) that China will further increase the exploration and production of oil and gas. He did temper expectations. "It will not be easy for us to realize these goals."

This is a vital decision from China, said Van Selms. "It means a lot. The United States did the same a few years ago and is now self-sufficient on paper. They have shown that it is possible."