Petrol prices hit highest level ever in the Netherlands, passing last week's record

Petrol prices in the Netherlands hit a new record on Wednesday, surpassing the previous high set last week. UnitedConsumers said the average recommended price from major oil companies has risen slightly above that earlier record.

The price rose by another 0.4 cents on Wednesday to 2.726 euros per liter. This followed a 4-cent increase on Tuesday, as oil prices climbed sharply. One factor behind the higher oil prices was the closure of a major east-west pipeline in Saudi Arabia after a drone attack.

Oil prices have slightly eased in the meantime, although there is still no clarity on when the Saudi pipeline will resume operations.

Oil prices have remained high for months as a result of the U.S./Israel war with Iran and the ensuing blockade of the Strait of Hormuz. In the Netherlands, the average recommended diesel price has climbed to 2.777 euros per liter. Diesel prices reached their highest level in April, peaking at 2.819 euros per liter.

The recommended prices are often only seen at motorway service stations. Motorists can likely save a dozen cents per liter by filling up elsewhere. Taxes make up a substantial share of fuel prices in the Netherlands, which has the highest excise duties in Europe.

Experts expect fuel prices to rise even further in the Netherlands in the coming period. “I would not rule out prices reaching 3 euros per liter on motorways,” energy expert Hans van Cleef of consultancy EqoLibrium said earlier this month.

Fuel has been considerably cheaper in Belgium than the Netherlands for years. Drive, an industry association representing petrol station operators, said the Government’s Budget Day plans did not sufficiently address the challenges facing businesses in border areas. The association says many Dutch motorists cross the border to buy cheaper fuel, costing local petrol stations revenue.