Annoying for drivers: The cost of fuel has made another big leap up. This is particularly evident with premium gasoline. Several factors are responsible for this.
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Thought has become significantly more expensive in Germany due to the new CO2 tax and corona effects. In April, the prices for premium petrol increased by 24.8 percent compared to the same month last year, as reported by the Federal Statistical Office. Diesel fuel rose by 19.5 percent, Autogas by 14.2 percent. By way of comparison: overall consumer prices only rose by 2.0 percent during this period.
What factors are driving prices up?
“Since January 2021, in addition to the end of the temporary VAT reduction, the introduction of the CO2 tax has been driving up the price of fuels,” explained the statisticians. Since then, climate-damaging fossil fuels have been charged with 25 euros per ton of CO2.
The development of crude oil prices on the world markets also made itself felt at the pumps: The import prices for crude oil more than doubled in March 2021 compared to the same month last year and are back at pre-crisis level. A year earlier, global demand had collapsed due to the Corona recession, which led to a drop in prices.
High cost of petroleum
This resulted in a so-called base effect. “This means that the amount of the annual rate of change of a certain month depends not only on the current price development, but also on the price development of the previous year,” it says.
At the beginning of the 2020 pandemic, crude oil prices had fallen sharply due to low demand on the world market. The comparison with these “low prices” leads to very high annual inflation rates for oil“.