German diesel prices climb to all-time high amid European energy crunch
After several weeks of uncontrolled rallies, diesel-fuel prices in Germany have surged to record highs, according to data revealed by the General German Automobile Club (ADAC).
The price of diesel at German filling stations hit €1.555 per liter on Sunday, exceeding the previous all-time high of €1.554 recorded in August 2012, Europe’s largest motoring association reported.
According to the ADAC, the latest surge is mainly attributable to rising crude prices as global economies recover from the Covid-19 slump. At the same time, the stronger dollar has weighed on prices as crude-oil contracts are settled in the US currency.Also on rt.com Global energy crunch could soon send oil prices to $100 & spur another economic crisis, Bank of America warns
The Munich-based alliance noted that the highest gasoline price to date was registered at €1.709 on September 13, 2012. The current price for crude is lower than nine years ago with the Brent contract hovering around $84, but the dollar is significantly stronger than it was back in 2012, which makes oil imports to Europe more expensive.
When it comes to diesel, the price increase is also due to high demand for heating oil, which is typical for the upcoming cold season. Moreover, the carbon dioxide price of €25 per ton has resulted in an additional surcharge of around six to eight cent per liter since the beginning of the year.Also on rt.com UK transport minister adds fuel to fire by saying there will be no petrol shortage if Brits just stop queuing at petrol stations
Earlier, German Transport Minister Andreas Scheuer called on the country’s government to prepare short-term countermeasures. They include tax cuts if energy and fuel prices keep spiking in order to ease the burden on cash-strapped households.
Germans living in border areas have reportedly rushed to the neighboring Czech Republic to fill up their tanks at lower prices.
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