As of this month, Belgian households on variable energy contracts will be paying 20% more than before amid energy price surges caused by the ongoing war in the Middle East.
Several suppliers have published a comparison of tariff cards that show that energy costs increased by 20% for variable contracts.
For households on fixed contracts, the increase is even steeper. French energy company, Engie, reported that prices have surged by as much as 58%.
The war in the Middle East has disrupted oil and gas shipments from the region, pushing fuel prices higher and adding to inflationary pressures across Europe.
Since the start of the conflict, wholesale gas prices in Europe have risen by around 70%, while crude oil prices have increased by roughly 60%. These jumps have driven up Europe's fossil fuel import bill by an estimated €14 billion in just one month.
Oil and gas prices fell sharply on Wednesday following comments by US President Donald Trump on the war in Iran, raising hopes for a swift end to the conflict. A barrel of Brent crude, the benchmark for oil from the Middle East and the North Sea, dropped 4.7% to about $99 per barrel, falling below $100 for the first time this week.
However, the FPS Economy announced on Wednesday that the maximum price for heating oil (H0/H7) will fall on Thursday, resulting from oil product quotations on international markets.
For orders of more than 2,000 litres, a maximum of €1.4296 per litre must be paid from then on, a decrease of €3.16.
Markets react as the US weighs ending war
The Dutch wholesale gas market, which sets the European standard, also saw prices decline by approximately 5.5%.
The price drop was mirrored in European stock markets. On Wednesday morning, the CAC 40 in Paris rose 2.34%, the Dax in Frankfurt 2.86%, the London stock exchange 1.8%, and Brussels' Bel20 gained 2.13%, buoyed by optimism that the conflict could end quickly.
Trump expressed confidence that the war would be over "within two or three weeks" and said he expects to "get the job done" in Iran.
While consumers struggle with high energy costs, European oil companies are reporting increased profits.
A study by German research firm EnergyComment, commissioned by Greenpeace, found that EU oil companies earned an extra €2.5 billion in March due to higher margins on fuel products. Diesel accounted for the bulk of the gains, with €75.3 million per day, while petrol margins remained more stable.
In Belgium, diesel profit margins rose by 14.1 cents per litre. Meanwhile, pump prices hit record highs, with diesel reaching €2.335 per litre and petrol €1.9220 per litre.
"While people are dying in West Asia and millions of people in Europe are struggling with sky-high fuel prices, governments are allowing oil companies to line their pockets," said Joeri Thijs of Greenpeace Belgium.
"Governments must urgently introduce higher taxes on all profits from fossil fuels and use that money to lower people's energy bills, invest in cheap, safe, and locally generated renewable energy, and support communities affected by the climate crisis."
