For the first time in years, petrol costs an average of 1.50 euros

The oil price has continued its rally in the past few days. This also made refueling more expensive in Germany. The hope of an end to the crisis is what drives costs for consumers.

The oil price rally is also driving gasoline prices.

Dhe oil price has continued to soar in the past few days – and driven the price of petrol in Germany to an average of 1.50 euros per liter. That was another plus of 0.2 cents on a weekly basis, as reported by the ADAC car club. Diesel rose in price on a weekly basis by 0.3 cents to 1.359 euros per liter.

As part of the weekly analysis of the ADAC for more than 14,000 filling stations, it was the first time in a long time that the average petrol price in Germany reached 1.50 euros, as a spokesman for the car club confirmed on request. On certain days, at certain times and at individual petrol stations, the mark had already been exceeded in the past few weeks. In some cities such as Konstanz, the petrol price was recently on average over 1.60 euros per liter. It is particularly high everywhere, especially in the early hours of the morning.

On average, however, according to ADAC, gasoline was last as expensive as it is now in May 2019, and diesel the last time in the expensive autumn of 2018.

At the beginning of the year, the new CO2 price and the renewed increase in VAT made gasoline more expensive in Germany. The most recent price increase, however, is clearly a consequence of the price rally for crude oil, as the ADAC emphasizes.

The price of North Sea Brent crude oil reached a two-year high on Wednesday at just under $ 75 per barrel (159 liter barrel). Since the beginning of the month, North Sea oil has risen by more than 6 percent and American oil by 8 percent.

The most important reasons given for the price increase are the robust economy in leading industrialized countries and a generally positive mood on the financial markets. In addition, there were low numbers of American oil stocks. According to experts at DekaBank, expectations of further price increases have also increased because Iran’s return as an oil exporter could be delayed.

Commerzbank emphasized that several large oil traders had given very optimistic price forecasts; one even expects that a so-called “super cycle” could bring the price of oil towards 100 dollars.