Oil prices rose sharply in April and drivers are beginning to feel the effects. The pump price of one litre of Euro95 at a motorway service station now averages €1.73, the highest level since mid-2015, according to net news service Nu.nl.
‘The single most important factor is the rising cost of petroleum,’ said Paul van Selms of consumer collective United Consumers. Van Selms said this is due largely to an agreement made by oil-producing countries last year to cut back on production. As a result, oil prices are hovering around $70 a barrel.
United Consumers believes the trend will continue because demand for oil will continue to be high.
More than half the price for petrol in the Netherlands consists of taxes. Excise duty on petrol was raised this year, but the effect has been less than one cent per litre, Van Selms said.
The price of petrol peaked in October 2012 when a litre of Euro95 cost €1.89 at the pump. The lowest price was reached in December 2001 when a litre cost €1.05, Nu.nl said.
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