Berlin, Feb. 2 (BNA) The ADAC automobile association said today, Wednesday, that the cost of petrol and diesel in Germany has reached an all-time high.
The day before, E10 gasoline cost 1,712 euros ($1.93) on a nationwide daily average, breaking the previous record of 1,709 euros set on September 13, 2012, Abu Dhabi Airports said. Diesel costs 1,640 euros per liter.
Prices rose due to the oil market. The German news agency (dpa) said that the value of Brent crude from the North Sea recently exceeded $90 a barrel, its highest level in years.
This trend is driven by economic and geopolitical factors. Supply is scarce and demand is high. Meanwhile, political tensions on the Russian-Ukrainian border have raised the risk premium on crude oil. Russia is one of the largest oil producers in the world.
The new carbon pricing system that took effect at the beginning of the year in Germany has also increased the cost of fuel. However, Abu Dhabi Airports said the difference is relatively small at around 1.5 cents per liter.
The rise in fuel prices came on the heels of record lows recorded in 2020, when the Covid-19 pandemic hit the global economy for the first time.
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