Import duties

Fuel prices down in the Netherlands thanks to falling oil prices

De olieprijzen zijn fors gezakt nadat de Amerikaanse president Donald Trump woensdag importheffingen aankondigde

Dutch people seem to be able to fill up on petrol cheaper again as oil prices fall significantly. Consumer collective UnitedConsumers reported that the recommended price for a litre of Euro95 was 2.15 euros on Friday, 0.6 euro cents less than on Thursday. Energy analyst Hans van Cleef of consultancy firm Public Affairs expects that petrol prices are likely to fall further in the coming weeks.

Oil prices fell sharply after US President Donald Trump announced import tariffs on Wednesday. Press agency Bloomberg reported on Friday that oil prices reached their lowest levels in four years. The higher-than-expected production increase by oil cartel OPEC+ next month also contributed.

All circumstances point to a further fall in petrol prices, Van Cleef argues. “Unless Trump comes to his senses and reverses things.” He also believes the declining dollar exchange rate against the euro is favourable.

According to UnitedConsumers director Paul van Selms, what petrol prices do in the coming period depends on what happens in the world. “Wars and uncertainty in the world increase prices. But if the economy deteriorates due to Trump’s measures and there is less demand for crude oil, that in turn works to lower prices,” he explains. Van Selms expects a litre of petrol to become at most a few cents cheaper or more expensive in the short term.

ING economist Bert Colijn also points out that it remains to be seen how, for instance, Trump’s levies will work out. Agreements between the United States and other countries on lower levies or postponement of measures could lead to lower oil prices, which in turn will benefit petrol prices.

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This article was automatically translated from the Dutch language original to English (British).

Author: Nina Koelewijn

Source: MobilityEnergy.com

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