As of the middle of June, the cost of fuel has significantly increased compared to the previous week, with diesel prices experiencing a substantial surge. According to the Allgemeine Deutsche Automobil-Club (ADAC), the average price of diesel fuel across the country has risen by 5.4 cents, now standing at 1.643 euros per liter. In contrast, the price of Super E10 has increased by a mere two cents, now averaging 1.712 euros per liter.
The ADAC has criticized the fuel prices, particularly diesel, as being “a few cents too expensive” citing the significant drop in the price of Brent crude oil over the past week. Prior to the recent developments in the Middle East, a barrel of Brent crude oil was priced at around 76 US dollars. Following a slight easing of tensions in the region and a decrease in the likelihood of a further escalation, the oil prices have also dropped, now standing at approximately 67 US dollars per barrel.
The strengthening of the euro against the US dollar, now trading at around 1.16 US dollars, also has a positive impact, as oil is traded in US dollars and the purchase of oil becomes cheaper in the process.
Despite recent volatility in oil prices, the ADAC expects the lower oil prices and the stronger euro to eventually reflect in the fuel prices at the pumps, particularly in the case of diesel, which has seen a significant increase. The club advises motorists to take into account that fuel prices are typically higher in the morning, between 7 and 8 am and lower in the evening, between 7 and 8 pm, with a 13-cent-per-liter difference on average.