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Prices of Diesel reach record levels in Germany

The prices of a litre of diesel at the pump has reached record levels with fuel prices in Germany skyrocketing. This is amid the rising of oil prices as a result of the relaunch of global demand the ADAC motorists’ association announced on Monday, AFP reports.

On Sunday, a liter of diesel cost, on average, 1,555 euros, i.e one cent more than the previous record set on August 26, 2012, while the average price of unleaded gasoline reached 1.667 euros per liter, approaching also of the historical maximum of 1,709 euros per litre, reached on September 13, 2012.

In France, the price of fuel reached an unprecedented level in October in the last 10 years and even a new all-time high for diesel.

The coronavirus pandemic is the reason that prices are hitting highs with the economy attempting to be recovered, especially for energy and oil prices.

The West Texas Intermediate (WTI) oil standard, the standard in the US, reached its highest level in seven years on Friday, while Brent crude, which fell below the $ 20 threshold in April last year, rose to at $ 85 a barrel, an unprecedented level after 2018.

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In the case of diesel, the price is also influenced by the demand for heating fuel, which is high at the beginning of the cold season. In addition, in the case of Germany, there is a tax on CO2 emissions, which means a supplement of 6 to 8 cents for a litre of diesel at the pump, said the public television station ZDF.

Pressures from energy prices are largely contributing to rising inflation in Germany, which rose to 4.1% in September, the highest level since the first European economy since 1993.

Rising pump prices have also sparked a political debate in Germany, with taxes accounting for much of the final fuel price. In the case of diesel , about 25 eurocents go to VAT, 47 eurocents to the mineral oil tax and 7 euro cents represent the price for CO2. ( Agerpres )