At the petrol stations there is still no sign of the fact that petrol would be as cheap again as it was in the shutdown. On the contrary, fuel prices are rising. Is that due to the autumn vacation and the corona-related vacation in Germany?
Dhe prices for petrol and diesel in Germany have recently increased. After diesel was available again for less than one euro per liter in some places in September, there were again cities on Monday in which a liter cost more than 1.11 euros. A development in the direction of the shutdown prices in April, which were unusually low, cannot be observed in fuel prices at the moment – unlike toilet paper, which has apparently become scarce again in some supermarkets as it was back then.
Heating season drives diesel price up
Last weekend alone, the prices for all types of fuel rose by around 1 cent on average across Germany, reported Steffen Bock, Managing Director of the Internet platform Clever Tanken. There are still strong fluctuations in the course of the day. On Sunday, the average diesel price in Germany was 1.053 euros, and that for Super E10 was 1.236 euros, said Bock. Both values were each the highest level in the past seven days. Over the month of September, the price level at Germany’s petrol stations had tended to decline; On average, the price of diesel fell by 3 cents and that of the Super E10 by 0.3 cents.
The car club ADAC in Munich also reported an increase in gasoline prices from Monday to Friday. The car club had previously reported that diesel would become more expensive with the increased demand for heating oil because the heating season had started. The production of heating oil and diesel in the refineries is related. Since the lows in mid-September, heating oil has also become somewhat more expensive, from around 37 to just under 40 euros per 100 liters.
Autumn holidays in many federal states
One reason for the rise in gasoline prices could now be that ten federal states are now having autumn holidays and the holidays have just started in two countries, said Clever-Tanken boss Bock. “Since many people prefer vacation in Germany due to the corona pandemic, this is driving fuel prices,” said Bock. In addition, crude oil prices have increased moderately in the past few days.
The price of crude oil has recovered somewhat from its low
The price of North Sea Brent crude oil has fluctuated in the past few weeks between 39 and a good 43 dollars per barrel (159 liter barrel). Over the course of the week, the price had risen by about one dollar, but on Monday it fell slightly to at times $ 42.64. The price of a barrel of American West Texas Intermediate dropped 26 cents on Monday to $ 40.84. At the beginning of last week, American oil even slipped briefly below the $ 40 mark in the wake of the uncertain demand situation in view of the rapidly increasing number of new corona infections.
Despite the slight price recovery since then, market observers recently did not paint an optimistic picture of the market situation. In the view of Warren Patterson, ING’s natural resources specialist, the Organization of Petroleum Exporting Countries (OPEC) will probably have to put its planned easing of existing production cuts on hold for next year. These were agreed at the beginning of the current year in order to support market prices. Commerzbank is also skeptical whether OPEC will increase its funding at the turn of the year. “The fact that the Russian President Putin and the Saudi Prince Bin Salman spoke on the phone twice last week suggests that the plans of OPEC and its allies will soon be put to the test,” said Eugen Weinberg, oil specialist at Commerzbank .