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Price jump after New Year’s Eve for petrol and heating oil continues

A.Even after the significant price jump for fuel and heating oil at the turn of the year, prices continue to rise. As the car club ADAC announced on Wednesday, drivers currently have to pay an average of 1.348 euros for a liter of Super E10, which is 1.3 cents more than a week ago. Diesel rose in price by one cent and to 1.232 euros. The main reason is the rise in crude oil prices, says the auto club. The renewed increase in VAT and the introduction of a CO2 price for reasons of climate protection at the turn of the year have meanwhile been priced in.

In some cases, however, the predictions for the additional costs in the new year were higher than those actually observed so far. This is shown by figures from the Clever Tanken internet portal. On December 31, a liter of diesel cost around 1.16 euros on average, on January 11, 2021 it was around 1.23 euros. So that would have been a price increase of around 7 cents per liter; the forecast was 11 cents. For the liter of Super E10, around 1.27 euros was called on the last anniversary of 2020 and around 1.34 euros on January 11, 2021. That would also be a price increase of 7 cents per liter, 10 cents were predicted.

There could be several reasons for this: It is possible that some of the price increases have already been brought forward. Or the passing on of the new costs at the petrol stations to the motorists is not so easy because of the weak demand; this could then also have an impact on the expected increase in the inflation rate. However, fuel prices fluctuate continuously, and there were significant price differences between individual filling stations, especially at the beginning of the year, as motorists report.

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The price of heating oil has also continued to rise since the turn of the year, but not very sharply. Oliver Klapschus, Managing Director of the Internet portal Heizoel24, said that oil traders had already started to adjust their prices in mid-December because of the upcoming CO2 price and the renewed increase in VAT, since the regulations related to the delivery date, not the order date.

In the meantime it has become noticeable that the demand for the more expensive heating oil has fallen, it is around a third of the same month last year. Many households had already stocked up on oil before the turn of the year. At the moment, heating oil costs an average of 56.16 euros per 100 liters for a purchase of 3000 liters. At the beginning of December it was around 45 euros. Since then, the price has risen by around 11 cents per liter.

The price of crude oil has continued to rise in the new year and on Wednesday reached its highest level since February. At times, North Sea Brent oil cost $ 57.10 per barrel (159 liter barrel). At the turn of the year it was a good $ 47. Market observers spoke of the longest period of rising oil prices in almost two years. The development of the oil reserves in America was referred to as the reason for the current price increase. The night before it was announced that the American Petroleum Institute advocacy group recorded a 5.8 million barrels decrease in oil stocks last week.

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