Gasoline costs are experiencing a significant surge.
Oil prices are going up once more, and motorists are feeling the pinch at the pump. The ADAC, a German automobile club, has pointed out two reasons behind this surge.
Fuel prices have seen a substantial hike, according to the ADAC based in Munich. Both diesel and gasoline have witnessed a substantial price increase, reverting back from their three-year low reached last week. The ADAC attributions this price rise to the increase in oil prices due to the "renewed escalation in the Middle East".
On average, a liter of E10 gasoline now costs 1.673 euros, which is an additional 4.2 cents compared to a week ago. The price hike for diesel was even more pronounced, with a jump of 5.5 cents, pushing the price to 1.584 euros per liter. This is the highest fuel price in Germany in the past four and six weeks, respectively. To reach this conclusion, the prices of over 14,000 gas stations across Germany were analyzed. The ADAC advises filling up in the evening to save some money.
"The primary cause of this notable increase is the significant rise in oil prices since last week," mentioned the automobile insurers. A barrel of Brent crude cost 74 dollars a week ago, but it temporarily peaked above 80 dollars. Currently, it's at 77 dollars.
The ADAC cited the "fears of further escalation and expansion of the conflict" in the Middle East as the reason for the oil price rise. Moreover, the euro has dropped below the 1.10 US dollar mark for the first time since mid-August, increasing the expense of purchasing oil as it is traded in US dollars.
With the rising oil prices, many drivers are now paying more for their car fuel. The average price of E10 gasoline in Germany is now 1.673 euros per liter, an increase of 4.2 cents compared to a week ago.
The recent surge in oil prices has resulted in higher costs for car maintenance, as components such as engine oil and lubricants also become more expensive due to the increased cost of their raw materials.
