Why you pay more for petrol and diesel today than yesterday
You may have seen it on the signs at the gas stations this morning. Gasoline and diesel are slightly more expensive. Today’s gas prices are a few cents higher than yesterday.
Fuel prices have fluctuated greatly in recent years. This does not only apply to crises such as wars and pandemics. Like any other product, it remains a simple game of supply and demand.
Why you pay more for petrol and diesel today
The reason you are paying more for your gas today than you were yesterday is because OPEC+, the oil producing countries, have decided to cut oil production. The oil cartel has decided to cut production by 1 million barrels a day from May.
Because of this news, the price of oil has skyrocketed by more than 5 percent, affecting the price of the petrol or diesel you fill up with.
Why are oil producing countries reducing production? According to Paul van Sems of consumer collective UnitedConsumers, countries like Saudi Arabia are struggling with high inflation. By reducing production, the price of oil will stabilize or rise again. This makes petrol and diesel more expensive.
The current prices
The average national recommended retail price of 95 euros has increased by 1.8 cents. On average, you pay just over 2 euros for a liter of 95 euros. The diesel prices also rose sharply in percentage terms. On average, you pay just under 1.80 euros per liter, which is 1.1 cents more yesterday. If you fill up on premium petrol, EUR 98, it will cost you the most. A liter of the most expensive gasoline costs 1.2 cents more than yesterday: 2.17 euros per liter.
| fuel | Average National Recommended Price | Difference from yesterday in cents |
|---|---|---|
| 95 euros | €2,007 | + 1.8 |
| Diesel | €1,762 | + 1.1 |
| LPG | €1,071 | 0.0 |
| Excellent | €2,154 | + 2.0 |
| Super MLV | €2,079 | + 1.0 |
| Premium Gasoline | €2,167 | + 1.2 |
| Premium diesel | €1,847 | + 1.1 |
Source: UnitedConsumers (April 4, 2023)