Status: 02/02/2022 11:04 a.m
Motorists are paying a record price for premium E10 petrol in Germany. On a nationwide daily average, a liter now costs 1.712 euros. Diesel is also more expensive than ever before.
The record high of 1.709 euros for a liter of premium E10 petrol on September 13, 2012 lasted for more than nine years. But now the price has risen to a new high. Yesterday, a liter of E10 cost 1.712 euros on a nationwide daily average, as the ADAC announced today. This exceeded the old all-time high by 0.3 cents.
Diesel cost 1.640 euros per liter on Tuesday – this is also a new record. In recent months, however, fuel has repeatedly reached record highs.
Oil prices at multi-year highs
The background to the rising fuel prices are the price increases on the oil market. The price for a barrel (159 litres) of North Sea Brent, for example, recently climbed above the $90 mark and marked a seven-year high.
Expectations of continued stable oil consumption had boosted prices. Investors do not expect that the Omicron wave will significantly reduce demand. They expect the effects on the global economy to be rather mild. If production collapses, for example in industry, fewer raw materials are needed – and prices tend to fall.
Ukraine conflict and weak euro as price drivers
The political tensions on the Russian-Ukrainian border are currently causing a significant risk premium on oil prices. Russia is one of the largest oil producers in the world.
Another additional price driver at the gas station are the developments on the foreign exchange market: the dollar has recently risen across the board due to the increased interest rate expectations in the USA – also against the euro. That makes oil more expensive for buyers from non-dollar countries – and thus also fuel prices in euros at the gas station.
Increased CO2 price has hardly any impact
In addition, the CO2 price, which increased again at the beginning of the year, also contributes to the more expensive fuel. According to the ADAC, the additional 5 euros per tonne only makes itself felt at around 1.5 cents per liter of fuel – depending on the fuel and the proportion of biofuel.
Taxes and duties make up a large part of the fuel price at the pump. With Super E10, at the current price level, this is a good 27 cents VAT, just under 65.5 cents energy tax and the carbon dioxide price, which for E10 without VAT is between 6 and 7 cents depending on the actual biofuel admixture.