Rise to monthly high
Gasoline prices make a “strong jump”
October 9, 2024, 3:39 p.m
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Gasoline prices are climbing again – significantly! Drivers are having to pay more at the pumps than they have in at least a month. The ADAC identifies two reasons for this.
Fuel prices have risen significantly. As the ADAC in Munich announced, diesel and gasoline both made “a sharp upward price jump” after falling to their lowest level in three years the previous week. According to the automobile club, the reason for the increase is the rise in crude oil prices as a result of the “renewed escalation in the Middle East”.
According to the information, a liter of E10 petrol recently cost 1.673 euros per liter on a nationwide average, 4.2 cents more than a week ago. For diesel, the price jump was somewhat larger at 5.5 cents to 1.584 euros per liter. The last time refueling was this expensive was four or six weeks ago. In order to come to this conclusion, the prices of more than 14,000 gas stations throughout Germany are permanently analyzed. If you want to save money on gas, you should go to the pump in the evening, recommends the ADAC.
“The trigger for the sharp increase is the noticeably higher crude oil prices since last week,” the car insurers continued. While a barrel of Brent crude cost $74 a week ago, the price has since climbed to over $80. It is currently at $77.
The auto club cited “concern about a further escalation and expansion of the conflict” in the Middle East as the reason for the increased oil prices. In addition, the euro is below the 1.10 US dollar mark for the first time since mid-August, which also makes buying crude oil more expensive because payments are made in US dollars on the market.