Fuel prices with big steps towards new record; more expensive oil –

Fuel prices with big steps towards new record;  more expensive oil –

If you fill up today, you will lose almost 3 cents more per liter than yesterday. Fuel prices at the pump are rising fast and business is moving fast, especially in the last few days.

“We used to see increases of no more than a tenth a day, but since last week it has increased by a cent or more,” said Paul van Selms of consumer organization United Consumers. The figures show that the national recommended retail price for petrol has reached a new record: 2,265 euros per litre. That’s 44 cents more than a year ago. Diesel is also quickly becoming more expensive. The liter price is 1,935 euros based on the recommended retail price. A year ago, the price was still 1.50 euros.

The price increases of recent days are in line with the price of crude oil, which continues to rise due to the Russian invasion of Ukraine. The price of oil rose another 6% last night. A barrel of crude oil now costs more than $111.

This means that the price increases at the gas pump are not over yet. These prices generally follow the price of crude oil with some lag.

Reserves in the market

31 countries, which came together under the International Energy Agency to halt the rise in oil prices, decided yesterday to release some of their oil reserves. That’s about 60 million barrels, or about two-thirds of the world’s daily oil consumption.

Since the announcement of this measure, the oil price has risen again. Analysts believe that 60 million barrels is not enough to remove uncertainty in the oil market.

Source: NOS