Fuel prices in Germany continue to rise. This applies in particular to diesel fuel. This situation does not only worry consumers. The transport and logistics industry fears a wave of bankruptcies.
According to data from the ADAC, the price of diesel has risen by a further 11.8 Euro cents in just one day. On Wednesday, an average of 2.268 euros had to be paid for a liter of this fuel. And just on Monday, the price of diesel crossed the two euro barrier for the first time.
Super E10 and diesel getting more expensive
The price of Super E10 petrol has also risen once again, although the scale of the increase was slightly less than that of diesel: by mid-week the fuel cost €2.174 per liter, up 7.1 cents on the day before. For comparison: before the Russian attack on Ukraine, one liter of Super E10 gasoline cost 1.750 euros, and for a liter of diesel – 1.663 euros.
On Thursday, prices at gas stations initially continued to rise, but at a slower pace. According to ADAC data, at midday a liter of diesel was around seven euro cents more expensive than the previous day. For Super E10 gasoline, the difference was two euro cents.
The price of oilof the Brent grade reached its highest level since July 2008
The reason for the surge in fuel prices is the price explosion in the crude oil market. At the beginning of the week, oil prices were at their highest levels since 2008. However, they recorded a sharp decline on Wednesday after hopes of a positive outcome from talks between Ukraine and Russia were raised.
The price of a barrel (159 liters) of North Sea Brent crude fell nearly $30. It was the strongest daily decline in almost two years, as Carsten Fritsch of Commerzbank points out.
After a sharp decline on Wednesday, oil prices are rising again
However, already on Thursday, prices on the oil market went up strongly again, after the first meeting between the foreign ministers of Russia and Ukraine, with which there were high hopes, failed to produce the expected results.
At midday on Thursday, a barrel of Brent crude cost $116.87, up $5.73 from the previous day. A barrel of WTI crude had to pay $4.51 more than the day before, i.e. $113.21.
Transportation industry warns of wave of bankruptcies
The surge in fuel prices has also worried the logistics industry. Dirk Engelhardt, spokesman for the board of the Federal Association of Road Transport, Logistics and Waste Disposal (Bundesverband Güterkraftverkehr, Logistik und Entsorgung, BGL) said in Frankfurt that the German logistics and transport industry is threatened by a wave of company bankruptcies.
This could lead to supply shortages for the population and businesses. Higher fuel prices will sooner or later also affect the prices of everyday products offered in supermarkets.
100,000 truck drivers will return to Ukraine?
Moreover, due to the war, the logistics industry in Europe is in danger of losing more than 100,000 Ukrainian truck drivers, BGL fears. Polish and Lithuanian transport companies may lose their drafted Ukrainian workers. According to Engelhardt, in 2021 people from Ukraine sat behind the wheel of at least seven percent of trucks used in Germany.
Cab companies demand fare changes
Cab drivers were already sounding the alarm mid-week. “Since the outbreak of the coronavirus pandemic, our situation has been very difficult. We are far from reaching pre-pandemic levels. Now, in addition to the increase in the minimum wage, there are also the dizzying fuel prices.” – Michael Oppermann, managing director of the Bundesverband Taxi und Mietwagen, said.
The cab companies are bound by fixed tariffs. Oppermann calls for a quick adjustment of the fares due to the higher fuel costs. Unfortunately, this is usually a lengthy process that takes up to a year.
Source: www.tagesschau.de, www.insidegermany.co