Gasoline prices in Germany climb to new record high

Prices for standard E10 fuel and diesel at petrol stations in Germany exceeded the 2-euro mark per liter for the first time, the General German Automobile Club (ADAC) said on Tuesday.

The nationwide average price per liter of standard E10 fuel in Germany climbed to just above 2 euros (2.19 U.S. dollars) on Monday, an increase of 18 euro cents within six days, according to Germany's largest motoring association.

At the same time, the price for a liter of diesel even surged 28 euro cents, reaching an average 2.03 euros, making it more expensive than standard E10 despite lower taxes on diesel.

The higher price spike for diesel was caused by the increased demand for heating oil, the ADAC noted. Many consumers would fear supply bottlenecks due to the Russia-Ukraine crisis and were now "filling their tanks in late winter, contrary to their usual habits."

Since Christmas last year, prices for E10 and diesel in Germany have gone up 26 and 35 percent, respectively. The ADAC warned that fuel prices in Germany could rise even further as a result of the Ukraine crisis and associated consequences.

German motorists have been paying an additional carbon dioxide (CO2) tax on gasoline and diesel since early 2021. The CO2 pricing in the country's transport and housing sectors of currently 30 euros per ton CO2 is to be gradually raised to 55 euros by 2025. (1 euro = 1.09 U.S. dollars)