Last week, the price of petroleum had risen even more marking the highest price in years.
Currently, the price of gasoline is at a record 2.158 euros per liter. This price increase comes amid tensions at the border between Russia and Ukraine, but also the demand created through recovery from the Coronavirus crisis.
Moreover, the main petroleum-producing countries in the OPEP cartel, and its alliance, Russia, are in control of most of the petroleum production. Petroleum business Vitol Group has warned that China will be refilling their reserves that have decreased recently. If this occurs, China will have to buy more petroleum which in its turn, can lead to price increases.
Besides gas prices, the recommended price of diesel for sale to the public has increased to record levels in The Netherlands. It currently sits at 1.846 euros per liter but gas stations are allowed to deviate from these recommended prices.
