As the Dutch government announced plans to cut taxes on fuel and energy in order to provide a slight boost to the purchasing power of people in the Netherlands, Friday saw petrol prices drop slightly for the first time in weeks.
For the past three weeks, drivers in the Netherlands have seen the price of petrol rise on a daily basis, with some petrol stations charging over 2,50 euros for a litre of E10 (Euro95) petrol this week. However, motorists will be relieved to hear that Thursday saw oil prices fall by around 15 percent, having knock-on effects on the price of petrol.
According to UnitedConsumers, the retail price of a litre of E10 was 2,492 euros on Friday, March 11 - down from 2,502 euros on Thursday. The good news stops there, however, as the prices of both diesel and LPG have continued to rise, costing 2,379 and 1,319 euros respectively on Friday.
UnitedConsumers’ Paul van Selms said the peak has been reached - for now. Stephan Mangnus from Dutch fuel supplier Sakko told NOS that the slight dip in prices can be attributed to a feeling of uncertainty amongst oil traders as a result of various sanctions placed on Russia following the country’s invasion of Ukraine. “There has been panic in the market in recent days,” Mangnus explained. “There are parties that call us and ask us to guarantee that we can continue to deliver. We have never experienced that."
Prices may be falling, but they remain exceedingly high and, combined with rising prices across practically all industries, the Dutch government has faced increasing pressure to take action and limit the impact of inflation.
On Thursday, Dutch media reported that the cabinet planned to temporarily reduce excise duties on fuels - by 17 cents per litre of petrol and 11 cents per litre of diesel - and cut the VAT rate on energy.
Sources from The Hague also say the energy subsidy for low-income households and families will be increased from 200 euros to up to 800 euros in order to help combat rapidly rising energy bills.