Prices at the pumps expected to go up as the price of crude oil shoots up.

The effects of this weekend’s drone attack on the Saudi oil industry have now become all too apparent on the international crude oil market. As a result of the attack 5% of the world’s oil production ground to a halt. It is probable that it will take several weeks before production is completely restored. With the price of crude oil having shot up it is likely that the price of petrol at diesel at Belgian filling stations will go up at the end of the week.      

It is not yet clear how sharp the price rise at the pumps will be.

The Director General of the Petroleum industry federation Brafco told the daily ‘Het Laatste Nieuws’ that “The price at the pumps is dependent on a number of factors, the price at the close of trading, but also the exchange rate against the dollar. However, as things stand it doesn’t look as though the impact will be catastrophic”.   

Any price rises will come into effect later this week on either Thursday or Friday.