Fuel prices in Germany are on a sliding slope, mirroring the fall in crude oil prices. As per ADAC, diesel is now as cheap as it was in July, and petrol is even cheaper than it was in mid-January. The average price for a liter of Super E10 is now 1.73 euros, while diesel is priced at 1.715 euros, a drop of two cents from last week's price.
The drop in fuel prices is largely due to the continuous descent of crude oil prices. North Sea Brent crude has reached its lowest level since July, hovering around $76 per barrel. Doubts about OPEC producing countries reducing their output and the expected increase in supply from non-OPEC nations such as the USA have added pressure to the prices. The American Petroleum Institute reported an increase in oil inventories on Tuesday evening.
Although the state collects less energy tax on diesel than petrol, the price difference between the two is negligible for German consumers. The demand for heating oil has kept diesel prices relatively high. ADAC advises drivers to fill up their tanks in the evening, between 8 and 10 pm, or between 6 and 7 pm, to pay less than they would during the morning.
Insight: The recent fall in fuel prices in Germany can be attributed to a combination of factors including the decrease in crude oil prices, political discourse, OPEC participation, Middle East tensions, and stock market fluctuations.
- Despite the lower energy tax on diesel, the price difference between the two fuels is minimal for German consumers, as heating oil demand has kept diesel prices somewhat elevated.
- The price of Super E10 has plummeted in Germany, now averaging 1.73 euros per liter, a significant reduction thanks to the continuous decrease in crude oil prices.
- With diesel costing an average of 1.715 euros per liter in Germany, consumers are now benefiting from lower fuel prices than they did in July.
- The decrease in fuel prices has been primarily driven by the decrease in the price of crude oil, which recently dropped to its lowest level since July at $76 per barrel for North Sea Brent crude.
- Despite doubts about OPEC's commitment to reducing production and the expected increase in supply from non-OPEC countries like the USA, fuel prices in Germany continue to trend downward.
- The American Petroleum Institute reported rising inventories of oil on Tuesday evening, adding to the overall decrease in fuel prices.
- Drivers looking to save money on fuel in Germany should consider filling up in the evening between 8 and 10 pm or between 6 and 7 pm, as this tends to be cheaper than filling up in the morning.
