Gasoline around 10 percent cheaper than at the beginning of this year
The price of petrol at the pump in the Netherlands is set to fall by about 10 per cent this year, although the price has soared to an all-time high following the outbreak of war in Ukraine. A few days before the turn of the year, however, the picture remains erratic. When the temporary consumption tax cut expires over the next year, prices are expected to rise again.
On Monday, the nationwide recommended retail price for a liter was 95 euros at 1,899 euros, according to figures from the consumer association UnitedConsumers. That’s significantly less than the 2,111 around New Year’s Eve earlier this year. But in March, the liter price briefly exceeded 2.50 euros.
Gasoline 10 percent cheaper than earlier this year
Pump holders may deviate from the price recommendations of the major oil companies. Normally, motorists only pay these prices along the Autobahn. To accommodate motorists, the government introduced an excise duty reduction on April 1st. Including VAT, this meant a price drop of more than 20 cents per liter.
boycott
Later, oil prices rose sharply around the world again due to the European boycott of Russian oil. As a result, the price of petrol in the Netherlands again peaked at over EUR 2.50 in June. As calm returned to the oil markets, gasoline gradually became cheaper again. This was partly due to expectations that demand for oil in China will fall due to slowing economic growth there. Recessions are now emerging in many western economies as well.
They will spend more on diesel than they did earlier this year. The average recommended retail price is now EUR 1,892 compared to EUR 1,741 almost twelve months ago. Diesel was sometimes even more expensive than petrol this year. That’s because of the high demand for the stuff, which is also in demand in the industrial and transportation worlds. Experts point out that there has been a diesel shortage in Europe for some time. This was solved until this year by supplying diesel from Russia, but that is no longer possible.
Gasoline Prices 2023
How prices at the pump will develop in the near future depends on several factors. It will also be important, for example, whether the major oil countries in the OPEC oil cartel want to cut their production even further in order to support prices.
The reduction in excise duty on car fuel in the Netherlands would actually last until the end of this year. But the government has extended the measure until the middle of next year. After that, the operation is discontinued. Sooner or later, motorists will have to pay more taxes when filling up.