After a long period of relatively low petrol prices, the suggested retail price for a liter of petrol has risen above two euros. The price of crude oil has been on the rise for several weeks. But this week, the price got an extra boost. The cause lies in the decision of the OPEC+ oil cartel to reduce production.
Since mid-March, oil prices have risen by nearly a quarter. Before that, the price fell mainly due to the banking crisis. Due to the oil cartel’s decision to pump less oil, the price rose sharply by six percent on Monday. OPEC+ wants to cut production by one million barrels a day by May, to demand higher prices.
According to consumer collective UnitedConsumers, the suggested retail price for Euro95 is currently 2,030 euros per litre, up 4.1 cents from last Monday. The suggested retail price for diesel has risen by a fraction to 1,762 euros per litre. Gas station owners have the freedom to deviate from the major oil companies’ recommended prices, which means that prices at different gas stations can vary. Motorists usually pay the suggested retail price along the highway, but prices are often lower elsewhere.
Even higher prices
There is a possibility that prices will rise further in the near future as the reduction in oil production is yet to take effect. In any case, analysts say, prices could continue to rise.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
