The recommended price of petrol in the Netherlands climbed to a new record on Friday, driven higher by ongoing geopolitical tensions in the Middle East that continue to push up crude oil markets.
According to data from consumer discount platform UnitedConsumers, the recommended retail price for a litre of petrol rose by 1.5 cents to €2.727—nearly 50 cents higher than before the outbreak of conflict in the Middle East. Conversely, diesel edged down slightly to €2.794 per litre. However, EU-wide diesel pump prices hit a record high on Thursday, with analysts warning of further upward pressure if the US proceeds with a reported temporary ban on diesel exports. Investment bank Morgan Stanley warned that European markets would suffer the heaviest blow from any American export restrictions.
Oil markets saw a modest pullback on Friday following reports in the Financial Times that Iranian Foreign Minister Abbas Araghchi presented a proposal to US officials in New York regarding the reopening of the Strait of Hormuz. Brent crude slid nearly 1 per cent to $105.60 per barrel on the news.
Meanwhile, high pump prices have prompted the German government to reintroduce a fuel subsidy, cutting petrol and diesel by 17 cents per litre. The move is expected to hit border-region Dutch petrol stations hard, reversing a recent recovery in local custom. Martin van Eijk, chairman of Dutch fuel retailer trade body Drive, noted: “We were seeing customers gradually return, but that progress is now being undone.”
@anp | NEWS BRAINPORT
