Petrol and gas prices in the Netherlands near record highs
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By Simone Jacobs
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The price of petrol and gas in the Netherlands has been on the rise again after the re-escalation of the conflict in the Middle East, nearing highs seen earlier in the year.
Dutch fuel prices on the rise again
Since the ceasefire between the US and Iran broke down and the Strait of Hormuz once again closed, oil prices have risen, reaching the highest point in over a month. Petrol and diesel prices in the Netherlands are therefore inching towards the high prices seen a few months ago.
On Wednesday, July 22, the consumer collective UnitedConsumers put the price of Euro95 petrol in the Netherlands at 2,612 euros a litre, up from 2,603 euros the day before. Diesel prices also went up 1,1 cents to 2,580 euros per litre.
Petrol prices reached an all-time high back in May, when the recommended price per litre hit 2,646 euros. However, diesel prices are rising faster than petrol prices due to low inventory. "On average, the diesel price in the Netherlands has already risen by about 30 cents per litre in two weeks,” ING economist Rico Luman told NU.nl. According to economists, prices will likely continue to rise if the conflict continues.
Gas prices rise by 20 percent in a week
With one-fifth of the world’s liquefied natural gas (LNG) shipped through the Strait of Hormuz, the closure spells chaos for gas reserves and prices. Gas prices in Europe increased by more than 20 percent in just one week, approaching their highest level since mid-March.
Gas prices reached 60,61 euros per megawatt-hour on July 22, up 1,5 percent from the previous day. Not only are prices skyrocketing, but the gas supply for winter is looking bleak.
According to AD, deliveries of LNG to northwest Europe are about 25 percent lower than the 30-day average. This, coupled with the fact that European gas storage facilities are only slightly more than half full, means that gas prices have seen a steep rise over the past few days. Usually at this time of year, gas supplies sit at about 70 percent full.
Experts previously warned that consumers have not yet felt the full impact of inflation. Groceries in particular will likely become more expensive in the coming months as transportation and production costs increase.
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Editor for the Netherlands at IamExpat Media. Simone studied Genetics and Zoology at the University of Pretoria in South Africa before moving to the Netherlands, where she has been working as a writer and editor since 2022. One thing she loves more than creating content is consuming it, mainly by reading books by the dozen. Other than being a book dragon, she is also a nature lover and enjoys hiking and animal training.Read more