Despite the tank discount: Chart from the Federal Cartel Office shows how petrol and diesel are becoming more expensive
Created: 06/13/2022, 13:14
By: Markus Hofstetter
The tank discount should relieve drivers in Germany, but fuel prices are rising again.
But the oil companies are not the only ones to blame - there are other factors.
Bonn - The tank discount, which is part of the federal government's relief package, should benefit people who depend on the car.
The intention was to reduce the price of petrol by at least 30 cents and the price of diesel by 14 cents from June 1st by reducing fuel tax for a period of three months.
Although fuel prices fell, the joy was short-lived.
Motorists have to pay more at the pumps again.
This is also proven by a current graphic from the Federal Cartel Office.
Accordingly, the average diesel price fell by eleven cents at the end of May, and the price of petrol by almost 30 cents.
But since June 1st there has been an opposite trend, with prices rising by up to eight cents since then.
A liter of diesel now costs over two euros again.
The figures are based on the observation of price trends at 15,000 German petrol stations by the Federal Cartel Office.
The Bundeskartellamt's chart shows that fuel prices have been rising again since June 1 © Bundeskartellamt
Rising fuel prices despite tank discounts: Oil companies should cash in
In these situations, the mineral oil companies are accused of cashing in.
There are different demands, ranging from skimming off the additional profits to breaking up the corporations.
The tank discount itself is also criticized.
Marcel Fratzscher, head of the German Institute for Economic Research (DIW), told the German Press Agency that the subsidy was a mistake.
"Because most of the three billion euros in tax money will end up in the pockets of the oil companies."
Rising fuel prices despite tank discounts: Ukraine conflict intensifies crack spread effect
The increase in fuel prices is not only due to the profit motive of the mineral oil companies and the Ukraine conflict.
According to the online portal
Business Insider
, there is also the so-called rising crack spread.
This is the difference between the price of the original crude oil and the products that refiners make from it, such as gasoline and diesel.
This difference has been increasing since November 2021. The Ukraine war increased the effect enormously, but did not trigger it.
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The reason for the increase in the crack spread is therefore a limited supply on the world market.
Global refinery production increased by a good ten million barrels in 2021 from a low caused by the coronavirus in 2020.
Most recently, OPEC+ announced a further increase in production at the beginning of June.
Rising fuel prices despite tank discount: subsidy ensures higher demand
But at the same time, the demand for fuel rose again after a low in the coronavirus pandemic.
Added to this was the loss of Russia as a fuel exporter for Western countries as a result of the Ukraine war.
The giant country even produces less crude oil than agreed with OPEC+.
The global supply of fuel has therefore become scarcer, but the demand for it is high, and this is leading to higher prices.
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The fuel discount could even exacerbate the problem.
Discounts are incentives that increase demand.
Higher demand for fuel when supply is tight would mean higher, rather than lower, prices.
This means that refueling should still not be a pleasure for motorists in Germany.
