From today the maximum price that filling stations can charge for a litre of diesel (B7) rises by half a eurocent to 1.657 euro. This is a record and breaks the previous record that was only set on Tuesday. Figures from the Belgian petroleum industry federation Petrolfed show that the last time diesel prices were anything like as high as they are now than it was three years ago in October 2018.
Meanwhile, a litre of petrol 95 (E10) now costs a maximum of 1.647 euro. This is 3.7 eurocents more than when petrol prices peaked in July 2014.
The price hike has been caused by an increase in oil prices and an increase in the cost of the renewable components such as bioethanol that are contained in the fuel we use to power our cars. The rise in oil prices has come about due to a surge in demand as economies recover from the coronavirus crisis. Greater industrial activity means more cars, vans and lorries on the roads and greater demand for petrol and diesel.
In April 2020 a full 50-litre tank of diesel was 21.4 euro cheaper than it is now. The rise in petrol prices is even greater with a 50-litre tank of petrol now costing 24 euro more than it did in April 2020.