Petrol prices are at their highest since 2014, even 2013 for diesel. There has been around a 30% price increase in just a year. What is causing this?
The CO2 tax introduced in January is certainly playing its part.
A far bigger reason, however, is the price of a barrel of crude oil, which has exploded since the beginning of the pandemic and the ensuing economic slowdown: from 22 USD in April 2020 to a staggering 77 USD - the highest price since 2014.
Behind this, as usual, lies the OPEC and its allies in Vienna. 23 oil producing states which can't agree on the amounts of oil to produce.
Abu Dhabi is currently vetoing the additional production of 400,000 barrels a day between August and December. This at a time where the world economy is slowly restarting and demand is increasing. It may even reach a new high point by late 2022.
In short, drivers can expect to be paying more for their fuel for a while to come.
