Approaching a record high

‘Tensions in the Middle East are also pushing fuel prices up further’

Gevreesd wordt dat de brandstofprijzen de komende tijd verder kunnen oplopen. Foto: Shutterstock

After the price of oil reached its highest level in over a month last Monday, petrol prices at the pump are also approaching record highs, according to the ANP.

Data from the consumer platform UnitedConsumers shows that the recommended retail price of a litre of Euro95 rose by almost 2 cents on Tuesday to 2.603 euros. This puts the price just below the record high reached last May, when a litre of petrol cost 2.646. The recommended retail price of diesel has also risen further, to 2.569 euros per litre. In March this year, diesel reached a record price of 2.708 euros per litre.

The United States and Iran carried out attacks for the tenth night in a row. Ships in the region have also been targeted in recent days. As a result, shipping companies are reluctant to sail through the Strait of Hormuz, a key shipping route for the transport of oil and gas.

Experts fear that oil prices could rise further in the coming period, reports the ANP. According to the US investment bank Goldman Sachs, the price of Brent crude – the international benchmark for oil from the Middle East – could rise to over 120 dollars per barrel in the fourth quarter if the disruptions in the Strait of Hormuz persist. At the end of April, the oil price had already exceeded that threshold. On Monday, it was reported that a barrel of Brent crude cost $91. Rising oil prices usually feed through to fuel prices at the pump with a slight delay.

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This article was automatically translated from the original Dutch text into British English.

Author: Nina Koelewijn

Source: MobilityEnergy.com

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