Petrol prices fall to the lowest level since July due to cheaper oil

cheaper oil

This article was last updated on November 16, 2023

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Petrol Prices Hit a 4-Month Low Due to Cheaper Oil

Motorists notice that fuel prices are falling and drive away relieved after refueling. The price of a liter of petrol has fallen to the lowest level since mid-July, just after excise duties were increased. Diesel is also becoming cheaper.

Petrol Prices Decrease

The recommended retail price of a liter of petrol is now 2.14 euros. In mid-September, that price peaked at around 2.30 euros, after concerns about a tight supply of oil. Since then, both oil and gasoline prices have fallen steadily. Only before the excise duty increase at the beginning of July, when petrol suddenly became 13.8 cents per liter more expensive, motorists found it significantly cheaper at the pump.

Diesel Prices Fall

Diesel has also become cheaper in recent weeks. Last week, the recommended retail price fell below 2 euros for the first time in two months. It is now 1.96 euros, already 15 cents lower than the peak in September. Recommended retail prices are mainly used at the slightly more expensive pumping stations along highways. With other pumps, you usually pay less.

Impact of Oil Prices

Oil prices are now at their lowest in about four months, mainly due to concerns about whether there is enough demand for oil as economies cool. At the same time, there is little fear anymore that oil production will be negatively affected by the war in Israel.

Overall, the decrease in petrol and diesel prices can be attributed to the declining trend in oil prices, resulting in relief for motorists and a positive impact on the cost of living.

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