The diesel price is rising sharply. The price thus follows the rising oil price, which reached its highest level since 2014 at the beginning of October.
The oil price on October 4 was over $86 per barrel of Brent oil. It was striking that several analysts indicated that the oil price could rise even further; possibly up to $100 per barrel. According to these analysts, Saudi Arabia (and therefore OPEC) continues to refuse to produce more oil. The smaller supply causes the rising price; although the United States (US) is trying to make up for the limitation by increasing its own production.
Sanctions against Iran
Another reason for the increase in oil prices is the entry into force of US actions against Iran. Iran is the third largest oil producer.
Yet there is great disagreement over a price of $100 per barrel. There is also a group of analysts who expect the price to stabilize around $80. They mention the fact that the global demand for oil is decreasing.
De oil price has fallen back for the time being and is now trading just below $80 per barrel. This had to do with reports that American oil reserves are larger than initially thought.
Diesel price
It remains to be seen whether the oil price will stabilize. The fact is, however, that the diesel price also showed an upward trend in September. According to Trade Organization Cumela, the diesel price has risen by 8,4% since the beginning of this year.
The price has now risen to almost €108 per 100 liters (for delivery of 4.000 liters). If we compare this with last October, it becomes clear that the increase is hurting the pump. At the time, the price was still around €92 per 100 liters.