Price at the pump drops slightly, oil price rebounds slightly

Price at the pump drops slightly, oil price rebounds slightly
Price at the pump drops slightly, oil price rebounds slightly
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Prices at the pump are falling slightly, according to fuel expert Paul van Selms of consumer collective UnitedConsumers. Oil prices suffered their biggest fall since February last week, which came as risks of further escalation of conflict in the Middle East diminished. Oil prices rebounded somewhat on Monday.

When oil prices rise, an increase in prices at the pump is often immediately visible, but a decrease is less visible. This is because providers want to maintain margins on prices at the pump, Van Selms explains. “But the market is competitive enough. Ultimately, prices will come down.”

However, the drop at the pump is not as large as the drop in oil prices. This is due to how the prices at the pump are structured. A large part of the price consists of taxes and excise duties, according to Van Selms.

“We do feel price fluctuations on the oil market, but relatively little,” he says. In countries where little tax is levied on fuel, the pain of more expensive oil is greater than in the Netherlands, he explains. In addition, supplies and the exchange rate of the US dollar, with which international oil transactions are settled, also play a role.

According to UnitedConsumers, the recommended retail price for a liter of Euro95 is now just over 2.25 euros. Almost a week ago that was 2.27 euros. The recommended retail price is usually only charged on the highway. You can often refuel cheaper elsewhere. Prices are still considerably higher than at the beginning of this year, when a liter of petrol cost around 2.05 euros according to the recommended retail price.

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