Gas price at the pump hits 11 year low

Gas price at the pump hits 11 year low
Price increases were recorded for petrol, gas and electricity. Credit: Belga© Belga

Fuel for cars will hit an 11 year low in Belgium on Wednesday 18 March as a consequence of the ongoing new coronavirus (covid-19) outbreak.

Such prices, based on numbers by the Belgian Petrol Federation, have not been seen since the beginning of 2009. The maximum price of Euro 95 (E10) will become 1,1820euro/litre, and Euro 98 (E5) will now max out at 1,2570 euro/litre. That means price drops of 11,8 cents and 11,7 cents respectively. This news comes after gas prices had already dropped by 11,4% last week.

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This plummet in gas prices is largely linked to the ongoing coronavirus pandemic as economic life and air travel come to a halt, resulting in a significant decrease in demand for gas. Other factors playing into this are the ongoing production conflict between Saudi Arabia and Russia, and the US Federal Reserve’s slashed interest rate.

The price drop is problematic for gas stations, Johan Mattart of the Belgian Federation of Fuel Dealers (BRAFCO) points out, as those who bought gas at a higher price last week will now be selling at a loss. Mattart also says that “it’s good for the consumer, but someone has to pay the bill.”

BRAFCO is calling on the government to provide distribution means in case of a lockdown as “it’s essential for companies and citizens.”

Diesel prices for heating of at least 2,000 litres will also drop to 0,4153euro/litre.

Earlier this month, the coronavirus had already made its presence felt when prices dropped to the lowest in over a year.

Jason Spinks
The Brussels Times

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