“Too early to panic” about rising gas prices in the Netherlands, says Dutch minister
By Simone Jacobs
While the public is worried about rising oil and gas prices in the Netherlands due to the war in the Middle East, the Dutch finance minister believes it’s too early to panic, claiming that the country is better equipped to withstand price shocks after Russia’s invasion of Ukraine.
Oil and gas prices surge
Oil and gas prices have risen rapidly recently after the US and Israel attacked Iran. The Strait of Hormuz, a key supply route for oil and gas in the Middle East, has been closed, and Qatar has temporarily halted production of liquefied natural gas (LNG).
Like the Netherlands, not all countries are reliant on gas from the Middle East, but those in Asia are - this is behind the surge in gas prices. As Asian countries bid for the same gas supplies as other countries, the price goes up.
As of March 3, 2026, gas prices were sitting well above 55 euros per megawatt hour - significantly higher than the 30 euros seen at the end of 2025, reports NOS. Due to uncertainty about gas prices, Dutch energy providers such as Vattenfall and Eneco have stopped offering fixed energy contracts to new customers.
However, while gas prices are rising in the Netherlands and elsewhere, they are nowhere near as high as they were in 2022 after the invasion of Ukraine. During that time, gas prices reached a peak of 300 euros per megawatt hour.
The Netherlands less vulnerable to gas price spikes
In an interview with RTL Z, Dutch Minister of Finance Eelco Heinen said that it’s too early to panic about gas prices. While people may be worrying, thinking back to the peak gas prices after the invasion of Ukraine, things are different now.
"We've changed our imports," said Heinen. The Netherlands does not rely on one sole supplier, but imports gas from the US and Norway, among other places. The country even has its own local sources.
Heinen does acknowledge that the rising prices are having an impact in the Netherlands, but believes it’s too soon to know how it will affect the Dutch economy. "That really depends on how long this lasts and whether the conflict escalates," he said. "We certainly hope not."
The increase in gas prices comes shortly after Statistics Netherlands (CBS) estimated that Dutch energy prices would drop in 2026, due to an expansion of LNG capacity expected to increase the global supply.
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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