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Prices of petrol, diesel and heating oil set to further rise this week

Fuel prices to hit record high
17:09 07/03/2022

Energy prices are projected to continue to soar this week, with a further increase expected on 8 March. 

That’s when the price of petrol is expected to hit a new record of €1.9510 per litre for 95 E10, according to the Federal Public Service Economy. This is 8.2 cents per litre higher than the previous record.

The maximum price of 98 E5 petrol will rise on Tuesday to €2.023 per litre (up 4.6 cents).

Meanwhile, the price of diesel has been above €2 per litre since Saturday, with a maximum of €2.084 per litre at the pump.

But it isn’t just those with vehicles who need to brace their wallets – the prices of heating fuel used for home energy will also rise by 4.95 cents to €1.1851 per litre for orders of at least 2,000 litres, which is another new record.

Price increases are due to the fact that petroleum products or biocomponents are becoming more expensive on the international markets. Oil prices in particular have been rising since the Russian invasion of Ukraine.

Belgian consumers had already been suffering from rising energy costs, even more so than neighbouring countries, and the government introduced several measures meant to soften the blow to households. 

Fears of shortages on energy markets are growing

The European gas price broke through the €300 per megawatt hour barrier today (Monday), De Morgen reports, driving fears of shortages on the energy markets.

The breaking of the €300 per megawatt hour comes only days after the breaking of the €200 per megawatt hour for natural gas, which was surpassed on Friday. 

On the Dutch futures market, which is considered the benchmark for Europe, the price rose to €311 for a megawatt hour. On the futures market for electricity, the German electricity price for delivery next month rose by 54% to an unprecedented €650 per megawatt hour.

Current events are fuelling the continued rises. On Monday, stock markets in Asia also fell sharply in reaction to reports that the United States is considering boycotting Russian oil and gas. 

The price of oil rose sharply to the highest level since 2008, with Brent oil becoming 8.6% more expensive at $125.47 per barrel. Since Russia invaded Ukraine, oil prices have risen by more than a third.

Currency markets also reacted strongly to the war in Ukraine and Western sanctions, with the euro depreciating significantly and the price of gold rising due to uncertainty about the economic impact of the war. 

The prices of aluminium and copper also broke records, reaching $4,000 and $10,835 per tonne, respectively.

 

 

 

Written by Helen Lyons