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Gasoline prices in Netherlands hit all-time high

Prices at the pump in the Netherlands have soared to record highs, driven by the growing cost of oil, according to data by Dutch consumer group UnitedConsumers.

The retail price for a liter of gasoline is currently at €2.50, data showed. It was reaching €2.505 per liter at the pump. The cost of gasoline rose by 0.2 cents per liter, compared with that recorded on March 10. The price of diesel has also increased, to €2.22 per liter on average.

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Higher fuel prices have been attributed to the rising price of oil, with Brent crude hitting $122 a barrel on Friday.

Experts say the EU’s decision to halt all imports of Russian oil by the end of 2022 will have a significant impact on how much Dutch drivers will pay at the pump. Gasoline prices are likely to rise further over the coming months, analysts predict.

The rising prices of oil, gas and electricity have affected companies and customers across Europe. Annual inflation in the Netherlands in May was 10.2%, compared to 11.2% a month earlier, according to Statistics Netherlands (CBS). Inflation remains high, driven by increased energy and food prices.

For more stories on economy & finance visit RT’s business section

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