Low fuel prices have reached levels not seen since the commencement of this year.
Drivers can rejoice and anticipate their subsequent stop at the gas station, as fuel costs have touched a fresh annual low. According to ADAC, motorists are now shelling out an average of 1.715 euros per liter of Super E10 – a decrease of 1.8 cents from the previous week. It was cheaper during New Year's Eve.
Diesel too has seen a slight price dip: A liter now costs an average of 1.59 euros – 1.3 cents less than the previous week and the cheapest since June 2023.
The main causes behind the plummeting fuel prices are a decrease in oil prices and a stronger euro versus the dollar. At present, Brent crude oil is hovering around 77 US dollars per barrel. Additionally, the euro has reached a yearly high of 1.11 dollars.
The decline in oil prices continues, with analysts suggesting that US oil inventories have surged and diplomatic efforts in the Middle East are predicted to ease tensions. Furthermore, China's economic instability, which is negatively impacting demand prospects, is another contributing factor, experts contend.
ADAC advises motorists to fill up their tanks in the evening. Prices are at their lowest between 19 to 20 o'clock and 21 to 22 o'clock. Conversely, prices are significantly higher in the mornings around 7 o'clock, which translates to a difference of six to seven cents. Motorway service stations are also more expensive: A recent ADAC survey indicates that fuel at these stations costs around 40 cents more per liter than off the motorway.
The current decrease in fuel costs can be largely attributed to the dropping oil price, with Brent crude oil now selling at approximately 77 US dollars per barrel. Moreover, motorists are benefiting from the stronger euro versus the dollar, which is further lowering the cost of filling up at the gas station.
