Oil cartel OPEC, which could offer an alternative to Russian oil, has repeatedly announced that it will not open its ‘tap’ to Europe any further, in order to allow the price to fall again. But the oil price is certainly not the only thing that influences the price of petrol.
2. The dollar rate
An important factor that plays in the background is the dollar exchange rate. Dutch companies pay oil in dollars, “and that counts very heavily”, says Paul van Selms of United Consumers. “The dollar has only strengthened over the past six months.” Six months ago, a euro was worth $1.13, now it’s $1.06. This means that purchasing oil has already become more expensive for Dutch companies in any case.
3. High Refinery Prices
Refineries, which process oil into gasoline and diesel, are experiencing even more cost increases. They consume a lot of energy, explains ING economist Rico Luman, and also the energy prices have risen sharply in recent times. The price is also being pushed up because less fuel is coming to us from Russian refineries, according to Luman.
While oil is not (yet) covered by the EU sanctions policy, “companies are reluctant to conclude contracts with Russian refineries”, confirms Jilles van den Beukel, energy expert at the Hague Center for Strategic Studies (HCSS). European partners currently consider it risky to conclude new contracts.
“This is also the season to carry out maintenance”, says Van den Beukel, “when work is stopped.” In addition, fewer small refineries have been opened in recent years. This means that the refineries that still work for European countries charge a high price, both for petrol and diesel.
4. More demand for petrol
Economist Luman has noticed that the price difference between petrol and diesel has increased again. “Part of the explanation is that the demand for specific petrol is now rising faster. The diesel price has also risen relatively fast in the past three months. The season when more people start driving again starts and you also see more commuter traffic.”
Ewout Klok, chairman of Beta, Tank Station Interest Association, does not recognize this development: “It is not that bad. We do not necessarily notice that more fuel is being sold.”
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