2023 Author: Eric Donovan | [email protected]. Last modified: 2023-05-21 15:44
The Middle East conflict also affects the price at the gas station. Due to the rise in oil prices, refueling has become even more expensive for drivers.
As the ADAC announced, the price for a liter of Super E10 climbed by 2.1 cents compared to last week to an average of 1.434 euros. Diesel fuel even went up by 2.2 cents per liter and currently costs 1.273 euros a day on average.
The reason for the price increase is the increased oil price. A barrel (159 liters) of North Sea Brent for delivery in July cost US $ 78.90 on Tuesday. That was 67 cents more than on Monday. The price of a barrel of US West Texas Intermediate (WTI) for delivery in June rose 39 cents to $ 71.35. At times, the price of Brent crude rose to just over $ 79, its highest level since November 2014. The price of US oil was only slightly below the high since the end of 2014.
Impending cuts in funding by Opec
Commerzbank commodity experts explained the latest price increase with a new assessment by the Organization of Petroleum Exporting Countries (OPEC). According to this, the oil market is currently tense due to the existing production cutbacks of important OPEC countries together with Russia. It was also said that Saudi Arabia, the most important member of the oil cartel, produced less crude oil in April than it has ever done since the cut agreement began in early 2017.
As of Monday, recent outbreaks of violence in the Middle East had boosted oil prices. The opening of the new US embassy in Jerusalem was overshadowed by massive confrontations between Palestinians and Israeli soldiers.
Shortly before the start of the Whitsun holidays, the ADAC advises car travelers to fill up the tank as late as possible in the afternoon or evening. Experience has shown that fuel prices are then particularly low. The automobile club also recommends that travelers keep their eyes open when refueling abroad. As in Germany, a price comparison is worthwhile. (AG / dpa)