Gasoline price in Netherlands reaches record €2.727 per liter

The recommended retail price for a liter of gasoline in the Netherlands reached a new record on Friday. Rising oil prices amid continued tensions in the Middle East have pushed up fuel costs in recent days, with motorists now feeling the impact at the pump.

Data from consumer platform UnitedConsumers shows that the recommended retail price for a liter of gasoline rose by 1.5 cents to 2.727 euros. Before the war in the Middle East broke out, gasoline was nearly 50 cents cheaper per liter.

Diesel prices edged down slightly in the Netherlands, falling to 2.794 euros per liter. Meanwhile, the average price of diesel at fuel stations across the European Union reached a record high on Thursday.

Prices could rise further if the United States introduces a temporary ban on diesel exports. Politico previously reported that the US was considering such a measure. Morgan Stanley has said Europe would be hit hardest by an export ban.

Oil prices edged lower again on Friday. Iranian Foreign Minister Abbas Araghchi told reporters in New York that Iran had presented the United States with a new proposal to reopen the Strait of Hormuz if certain conditions were met, the Financial Times reported.

Brent crude, a benchmark for oil from the Middle East and Europe, fell by nearly 1 percent to $105.60 per barrel.

Germany has announced a fuel discount in response to the high prices at the pump. As announced earlier this year, the measure will cut the price of both gasoline and diesel by 17 cents per liter at German fuel stations.

The move is expected to affect Dutch fuel stations near the German border. Drive, an organization representing Dutch fuel station operators, said the discount could reverse a recent recovery in customer numbers. “We had been seeing customers gradually return, but that is now being undone,” Drive chairman Martin van Eijk said earlier.