The price of petrol 95 (E10) in Belgium will tomorrow exceed €2 per litre for the first time in the country’s history, according to the FPS Economy’s latest update.
The price of petrol (E5 and E10) held steady for longer than the price of diesel (B7) but as volatility of the oil markets continues, these prices have also been rising rapidly in Belgium. Last week, petrol 95 already reached a new record – €1.957 per litre – while the cost of petrol 98 (E5) increased to €2.069 per litre.
On Tuesday, there will again be a giddy jump with petrol 95 set to climb to €2.025 per litre. Petrol 98 (E5) will cost €2.20 per litre at pumps in the country, €0.16 more expensive.
Meanwhile, the price of diesel (B7) remains unchanged at €2.0330 per litre. At the start of March this year, the diesel price hit the first record high since the start of the conflict in Ukraine, when the price rose to €2.0840 per litre, surpassing the €2 mark for the first time. In mid-March, the diesel price peaked at €2.286 per litre.
The Belgian state sets the maximum price for each petroleum product depending on the fluctuations in international markets. These have grown considerably since Russia invaded Ukraine.
As part of a broader raft of measures, Belgium has temporarily reduced the special excise duty on petrol and diesel until the end of September this year. Without this intervention, the price would be much higher.