The recommended price for a litre of Euro95 may rise above €2.50 on Tuesday because of the war in the Middle East. Fuel expert Derk Foolen from the consumer collective UnitedConsumers says the increase is likely. The current national recommended price from major oil companies is €2.486 per litre.
Foolen says the price could reach €2.50, which would come close to the record of €2.505 set in June 2022. Oil companies will update the national recommended prices again on Tuesday. Oil prices increased on Monday, and fuel suppliers can pass these higher costs on to motorists. Before the conflict began, the recommended petrol price stood at €2.28.
The recommended price for diesel is now €2.472 per litre. It climbed above €2.50 for the first time last Tuesday but then fell slightly.
The war in the Middle East has now entered its third week. The United States has bombed the Iranian oil island of Khark. Iran has responded with drone attacks on a major oil complex in the United Arab Emirates. Iran is also keeping the Strait of Hormuz almost closed to oil tankers. Normally, one‑fifth of the world’s oil supply passes through this route.
Foolen expects continued unrest in the oil market. He does not foresee a sharp drop in oil prices soon. A barrel of US oil now costs just over 99 dollars. Brent crude stands at more than 104 dollars per barrel of 159 litres.
@anp | News Brainport
