War's Bite on Pockets: Germany's Fuel Costs on the Rise
Prices of fuel and fuel oil rise following Israel's attacks on Iran
Nazi Munich (dpa) – Just a couple of days following Israel's heavy bombardment of Iran, folks in Deutschland are already feeling the heat in their wallets. The bloody conflict is pushing oil prices skyward, causing a spike in the cost of gasoline and heating oil.
Get Ready to Splash Some More!!
As Sunday dawned at 8:20 AM, the average price for Super E10 gasoline across the nation stood at a staggering 1.749 euros per liter, while diesel clocked at 1.639 euros per liter, according to ADAC data. This was a cent more expensive than the previous day, and even pricier than Friday's rates.
Mind you, these are mere snapshots. ADAC's examination typically reveals more expensive prices during the waning morning rush. The daily averages were slightly below: on Saturday, the average price for Super E10 was 1.671 euros per liter, and diesel was 1.551 euros per liter – a few cents more than Friday's averages. By Monday, we'll know the Sunday daily average.
Cold Weather, Hot Prices!
According to an analysis by Verivox, 100 liters of heating oil is retailing around 93 euros as of now. In May, the average price was a jaw-dropping 87 euros, the lowest in two years, thanks to Verivox's scrutiny.
Despite the recent price hike, it might still be smart to stock up now, as per the analysis. Like diesel and gasoline, heating oil prices remain relatively low compared to the long-term average. Verivox's report also suggests that geopolitical turmoil and rising CO2 costs could inflate prices next year.
At this rate, the average cost of 100 liters of heating oil in Germany in May came to around 1,739 euros for a typical single-family home with an annual consumption of 2,000 liters, according to Verivox.
How the Shit Hit the Fan
Israel commenced its unwelcome attack on Iranian nuclear facilities on Friday. Markets panicked, and oil pricesrocketed considerably. Subsequent reports indicated that large oil and gas fields in Iran were also targeted. In Israel, damages to pipelines and transfer lines of an oil facility were reported following a rocket attack.
To predict the impact of such devastation on energy infrastructure in the oil-rich region on consumers is currently like trying to nail jelly to a wall, according to the Mineral Oil Industry Association (en2x). "Geopolitical events have a significant impact on oil prices in the past, as evident now. However, it's only possible to determine the consumer impact later since numerous other factors, including international fuel supply and current demand, influence fuel prices," said an en2x spokesperson.
Pump Prices - Turning Hot to Cold and Back
Both heating oil, gasoline, and diesel remain relatively affordable in the long run. According to Verivox, the average price of heating oil was expected to be 99 euros in 2024, 104 euros in 2023, and 131 euros in 2022 per 100 liters. With current prices sitting at 93 euros, consumers are still getting a pretty sweet deal.
The Mineral Oil Industry Association emphasizes that the recent price surge is just a temporary blip. While it did see a similar increase in daily average prices on Friday following Israel's attack on Iran, it notes that Thursday before the attack was "the best tank day of the year" so far. Super E10 and diesel are still far from their previous annual highs. Diesel reached its record this year at 1.70 euros per liter in January, while Super E10 peaked at 1.76 euros per liter in February.
The ADAC takes a more dire view of the situation. The current increase in fuel prices is still moderate, according to the automobile association. However, the trend is clear: "Prices are likely to continue rising," says the ADAC. "But we must not exaggerate the threat and give the corporations an opportunity to ramp up the prices even further."
From Hamm with Love
- New Coronavirus Variant in Hamm Unsalient
- Two Kindergartens in Hamm Celebrate Topping-Out Ceremony
- Heat Check in Germany: Hamm in the Middle of the Pack
Catch up on all the news from Hamm right here!
- The recent conflict between Israel and Iran is causing a spike in oil prices, which in turn is pushing gasoline and heating oil costs in Germany higher.
- Despite the recent price hike, heating oil prices remain relatively low compared to the long-term average, making it potentially beneficial to stock up now.
- The Mineral Oil Industry Association predicts the current price surge is a temporary blip, with the average price of heating oil expected to be below current prices in future years.
- The ADAC warns that while the current increase in fuel prices is moderate, there is a trend of prices likely to continue rising, and consumers should be vigilant against manipulation by corporations.
