Drivers across Germany are seeing an increase at the gas pump, fueled primarily by a surge in crude oil prices over the past week. According to the ADAC (German Automobile Club), the average price for a liter of Super E10 gasoline rose to €1.687 on Tuesday, a 0.7-cent increase compared to the previous week. Diesel prices experienced an even more significant jump, rising by 1.9 cents to reach €1.628 per liter.
The upward pressure is largely attributed to the current price of Brent crude oil, which currently stands at approximately $70 per barrel – a rise of roughly $3 from the prior week. Contributing to the effect, the Euro has weakened slightly against the US dollar, currently trading at 1.17.
While the ADAC considers current gasoline prices to be reasonably stable, concerns have been raised about the price of diesel. The minimal difference (€0.059) between the cost of gasoline and diesel indicates that diesel is currently overvalued, particularly considering a relaxation of geopolitical tensions. Notably, the mineral oil tax on diesel is considerably lower than that applied to gasoline. Recent weeks have seen diesel prices climb more sharply than those of gasoline, suggesting potential for price reductions for diesel consumers.
