Fuel inflation in Germany jumps to 50-year high

The price of motor fuel in Germany shows the highest annual increase over the past 50 years, the Federal Statistical Bureau (Destatis) said in a statement.

Report informs, citing foreign media, that Destatis has analyzed the dynamics of Germany's "gas station prices" since the fuel crisis in the West, caused by the sharp rise in oil prices in 1973-1974.

“Energy price dynamics in the context of the COVID-19 crisis have become even more distinctive as a result of the Russian war in Ukraine. The current increase in energy prices can be partly compared with the price dynamics during previous crises. However, Destatis analysis shows differences… It turned out that the annual increase in motor fuel prices in the past decades have never been as significant as in March 2022," the statement reads.

Thus, according to Destatis, top-class gasoline rose in price by 41.9% in March over the year, diesel fuel - by 62.6%, and light fuel oil increased in price by almost two and a half times. On average, motor fuel has risen in price by 47.4% over the year.