Drivers in the Netherlands despair as petrol prices across the country continue to rise: the suggested retail price for a litre of E10 (Euro95) petrol exceeded 2,15 euros for the first time on Tuesday.
Growing demand for petrol spurred by the lifting of COVID-19 restrictions across the globe has seen oil prices soar this week, reaching its highest point since 2014 at the end of January. On Monday, the price of North Sea oil reached 80,80 euros per barrel, which led to knock-on effects on petrol prices around the world. On January 20, the price was just 77 euros a barrel.
On Tuesday, data from consumer collective UnitedConsumers put the price of E10 at 2,152 euros a litre in the Netherlands, breaking the national record. The price of Diesel and LPG remains relatively stable at 1,842 and 1,144 euros a litre respectively.
Experts attribute the rising oil and petrol prices to a number of factors. Not only is the demand for petrol higher now than it was at the height of the coronavirus pandemic, but markets are also taking tensions between Russia and Ukraine into account, as it could impact Russian oil and gas exports. As oil sales are traditionally carried in dollars, the euro to US dollar exchange rate has also influenced prices, with 1 US dollar now costing 0,89 euros.
It is uncertain how long these staggering prices could last, as oil-producing countries have committed to significantly increasing their production of oil barrels in February, producing an additional 400.000 barrels a day.