Diesel price jumps above the 1.60 euro mark for the first time

Status: 01/19/2022 12:29 p.m

The price of a liter of diesel has passed the 1.60 euro mark for the first time. Gasoline prices are also rising. Fuel prices follow the rise in oil prices, which had recently continued to rise.

The diesel price continues to soar: yesterday, the national daily average cost 1.601 euros per liter and thus reached a record high. This was announced by the automobile club ADAC. Compared to last week, the diesel increased by 1.6 cents. Compared to the previous year, the price of diesel even rose by almost 37 cents per liter.

Gasoline also cost 1.7 cents more yesterday than in the previous week. Drivers currently have to pay an average of 1.672 euros for a liter of Super E10. However, the price is still 3.7 cents away from the all-time high on September 13, 2012 with 1.709 euros for the liter E10.

The drivers are the high oil prices

The main reason for the high fuel prices are the ever increasing prices for crude oil. The two most important types of crude oil, Brent and WTI, rose again today to seven-year highs.

A barrel (159 litres) of North Sea Brent cost up to US$ 89.04 at its peak, and the barrel is currently trading at US$ 88.55. A barrel of West Texas Intermediate (WTI) is currently trading at $86.72. This is the highest level since October 2014.

An explosion at an important oil pipeline between Iraq and Turkey recently drove prices up again. The reason is so far unknown. However, according to the Bloomberg news agency, Turkish officials are assuming that the system will be put back into operation quickly.

The explosion comes at a time of tight supply. The OPEC+ oil alliance has been falling short of expectations with its production for weeks. There are also tensions between the Yemeni Houthis and an opposing coalition led by oil giant Saudi Arabia.


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