Fuel prices are to rise for the second time in a matter of days in Luxembourg, the government has announced, with a fresh increase set to take effect from midnight on Friday.
Diesel will cost just over €1.77 per litre under the latest 7.6 cent increase, meaning that the price has now risen from less than €1.50 at the start of the week, following a 21 cent hike imposed on Wednesday night.
The price of diesel and heating oil, which will rise by a further 7.9 cents per litre to €1.224 after a 22.3 cent hike on Wednesday night, have now hit levels not seen since the end of 2022, the first year of Russia’s full-scale invasion of Ukraine.
For the time being, petrol prices in Luxembourg remain less affected by the turmoil in the Middle East and the resulting rise in crude oil prices.
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Super 98 will continue to cost €1.648 per litre from Saturday, having risen 3.1 cents earlier in the week. Super 95 will cost €1.567 for motorists, up 4.5 cents per litre.
The price hikes are a direct result of the impact on supply following the bombardment of Iran by the US and Israel last weekend and Tehran’s subsequent retaliation. Fuel exports through the Strait of Hormuz have almost come to a standstill after days of violence in the region. Some 20% of global oil demand passes through the key shipping lane between Iran and Oman.
(This article was originally published by the Luxemburger Wort. Machine translated with editing and additional reporting by John Monaghan)