Fuel prices in Germany hit record high

Berlin, The price of standard fuel in Germany broke its old record set in 2012 as the nationwide average price per liter climbed to 1.712 euros ($1.917), the General German Automobile Club (ADAC) said.

Diesel prices also reached a new all-time high, according to the ADAC, Europe’s largest motoring association, a liter of diesel at German gas pumps cost 1.640 euros, reports Xinhua news agency.

“The main reason for the current record highs in fuel prices is the increased price of crude oil,” ADAC said, stressing that the price for a barrel of Brent crude had gone up by $2 within a week to around $89.

“Many motorists are very worried about the current price trend,” Juergen Albrecht, fuel market expert at ADAC, told news agency dpa on Wednesday.

It was difficult to predict how prices would develop in the future.

There were too many factors influencing the price, Albrecht said.

“These are, in addition to demand, international crises such as currently in Ukraine, the dollar exchange rate, speculation and, of course, the further course of the Covid-19 pandemic.”

Since early 2021, German motorists pay an extra seven euro cents per liter in carbon dioxide (CO2) tax.

The CO2 pricing in the transport and housing sectors of currently 30 euros per ton CO2 is to be gradually raised to 55 euros by 2025.