The fuel prices are rising.
Drivers are frustrated - and the economy could also be at risk.
Frankfurt - The fuel prices have been rising for months.
The price for a liter of diesel has already reached a high, as the ADAC announced on Monday (October 18, 2021).
The price of gasoline is also approaching a high.
This not only has consequences for drivers, who have to dig deeper and deeper into their pockets for a tank of fuel.
The economy is also at risk.
The Federal Association of Medium-Sized Enterprises (BVMW) even warns of an economic crisis.
"The explosion in fuel prices is a massive burden on the economy, endangering jobs, growth and prosperity," said Hans-Jürgen Völz, chief economist of the BVMW to the Funke media group on Tuesday (October 19, 2021).
High costs for gasoline and diesel are shifted to consumers
The high fuel prices affect consumers not only at the petrol pump: The additional costs for transport, heating and materials resulting from the high price of crude oil are passed on to consumers, which automatically increases the cost of living. An argument that unions can use in price negotiations. BVMW boss Völz warns that the unions could demand and enforce higher collective bargaining agreements. Völz speaks of a “wage-price spiral” that has already been set in motion. "It is already evident that the additional costs for transport, heating and materials passed on to consumers with a time lag will lead to higher wage demands," he said.
This connection is called a “second round effect”, rising inflation could lead to higher collective bargaining agreements and thus to wage costs - which in turn increases the companies' expenditures and further increases inflation.
Expert warns of economic crisis due to high fuel costs
The reasons for the rise in fuel prices are diverse, but the price of crude oil has a decisive influence on the price of fuel. And since the collapse of the crude oil price in the Corona * pandemic, it has increased immensely again. "The Corona crisis threatens to be seamlessly replaced by a veritable economic crisis at the end of the year, while other European countries are recovering economically around us," said Völz. Because in neighboring European countries, the fuel price remains relatively stable. Many drivers are already taking the trip to the Czech Republic in order to refuel there relatively cheaply.
In view of the high fuel prices, the BVMW demands immediate relief for business and consumers.
"From the point of view of medium-sized companies, the mineral oil tax should be temporarily reduced and the commuter allowance increased noticeably," said Völz.
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