Dutch petrol prices likely to rise as EU boycotts Russian oil
After Dutch petrol prices soared to record highs in March following the Russian invasion of Ukraine, measures put in place by the Dutch government appeared to have lessened the impact of the current European energy crisis - but experts say the latest package of EU sanctions mean the price of petrol will rise sharply over the coming months.
Petrol prices in the Netherlands to rise sharply, some experts say
ABN AMRO energy expert and economist Hans van Cleef told NU that the EU’s decision to halt all imports of Russian oil by the end of 2022 will likely have a significant impact on the prices drivers in the Netherlands face at petrol stations. "In an initial reaction [to the news], the oil price rose 10 percent, but that actually seems rather small to me. It will rise much more in the coming months," Van Cleef explained.
In contrast, experts over at consumer collective UnitedConsumers and economists at other Dutch banks feel slightly more optimistic about future petrol prices in the Netherlands, with Paul van Selms and ING’s Rico Luman telling NU that the effects of the boycott have already been factored into oil prices. They also point out that oil prices depend on a number of factors, not just the war and consequent sanctions.
Shell's profits increase in Q1 thanks to rising oil prices
The rising price of oil, gas and electricity has affected companies and customers across the continent, with families in the Netherlands now paying an average of 20 percent more for their energy than they did a year ago. A number of smaller energy companies have also faced bankruptcy as a result of the European energy crisis, unable to stay afloat as prices soared.
Other companies, however, appear to have profited from the rapidly rising prices. According to Shell’s most recent financial report, the company - which recently relocated to the United Kingdom - recorded a net profit of 6,7 billion euros in the first quarter of this year.
In spite of Shell’s decision to halt all business operations in Russia, which it said would cost the company around 4,8 billion euros, rising oil prices have allowed Shell to see a significant increase in profits compared to the beginning of last year, when oil prices remained low as a result of the coronavirus pandemic.