The price for a liter of petrol rose to a new record high on Saturday. Tensions on the border between Russia and Ukraine are pushing up already high oil prices.
The markets are taking into account that Russian oil and gas exports will be affected by an escalation of the conflict, for example in the case of economic sanctions.
The average national suggested retail price for a liter of Euro95 will rise to 2,146 euros this weekend, consumer collective UnitedConsumers reports. With that, the record of last November is off the books. The recommended retail price for a liter of diesel was historically high on Friday at 1,832 euros. UnitedConsumers keeps track of the suggested retail prices of five major oil companies that sell gasoline in the Netherlands.
Geopolitical Tensions
Market expert Paul van Selms of UnitedConsumers points to other causes of the increased fuel prices in addition to geopolitical tensions. For example, the dollar has become more expensive against the euro and oil is almost always settled in dollars.
In addition, oil prices have been on the rise for some time due to the rapid economic recovery of the economy, which means that industry, for example, needs more of the raw material. The cartel of oil-producing countries OPEC is gradually increasing its own production for the time being, but will discuss a quota for March again next week.
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