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Petrol prices surge to record highs
Photo: DPA

Petrol prices surge to record highs

Published: 20 Feb 2012 15:03 GMT+01:00
Updated: 20 Feb 2012 15:03 GMT+01:00

German petrol prices have hit record highs and look set to crack €1.70 per litre, according to the Aral petrol company.

Standard Super E10 gasoline rose to €1.64 per litre on Monday while the more widely purchased premium E-5 gasoline was at €1.67, Aral reported.

While diesel has not reached its record high from the summer of 2008 of €1.55, it is at €1.53 per litre and approaching the high quickly.

Amid uncertainty in oil-producing Iran and weakening European economies, oil prices have been on the rise over the past few months, driving up petrol prices.

The relative weakness of the euro is also hurting consumers because oil products are typically paid in US dollars.

As oil prices rose in spring 2011, European consumers were largely protected because the euro was trading at nearly 1.50 to the dollar. But the euro-to-dollar exchange rate has since dropped to about 1.33, hurting European consumers.

Prices are only likely to keep going up in the near term because of increasing demand for oil around the world. Market prices tend to increase in Europe in spring as “driving season” begins.

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Your comments about this article

16:25 February 20, 2012 by Murkan Mike
Gas and diesel has never been as cheap as it is at the moment. What makes it SEEM expensive is government taxes, and the inflated (where do you think greek bailout money is coming from?) Euro. Based on comparative prices to gold, silver or other commodity metals, gas has never been as cheap as it is right now. If the EU 1,64 scares you, then ask yourself if you are geting a value with the added tax. In other words, would you like to continue having a socialist government taking care of you from the cradle to the grave (I don't want that) or would you like to have a booming economy and cheap gas, heating oil, food, houses, cars, and enough money left over to take care of yourself.
17:16 February 20, 2012 by Englishted
@Murkan Mike

I don't know where you are when you wrote your comment ?.

But in German,France and the U.K. there is not a socialist government in power,

so what you want is? .

Look at the profits the oil companies make and speculators playing with people's lives just to grab a quick buck ,maybe a proper socialist government could help the normal hard working population that at the moment is being ripped off by all and sundry.
19:38 February 20, 2012 by carlm
Komrade Englishted, you're funny if you don't think Germany, France and the UK are socialist governments. Very funny. You might want to do some research on what it means to be socialist.

And anyone who faults oil company and speculator profits is definitely a kommunist. Unlike socialist governments, businesses and speculators compete for profits which means when they earn them they're typically doing something right. Profitable business and speculators create wealth, jobs and tax revenues, things that government can't.

Komrade.
19:58 February 20, 2012 by The-ex-pat
German petrol prices have hit record highs and look set to crack €1.70 per litre, according to the Aral petrol company.

Aral, the most expensive petrol station in Germany and the only reason it will tip €1.70 is due to Aral's greed. I have just com back from town. Our ring road has the main players on it. ESSO Diesel €1.54, Jet €1.53, Aral.........€1.65! These stations are all within 100 metres of each other. Odd thing is, Aral was just as packed as the others. Conclusion, German's really don't care what the price of fuel is....complain on one hand and can't be bothered to drive 100 metres to act on the complaint......sad
03:20 February 21, 2012 by taiwanluthiers
Please don't say communist... there has never been a true communist country/society/political parties in history, and there likely never will.

All so called communist countries or political parties are in reality socialist.

In a true communist society, there would be no currency, as all resources would be shared equally. A good example would be United Federation of Planets in Star Trek, which is actually a true communist government.

In a socialist economy all economic decisions would be made by the government, and industries are controlled by them to enforce those decisions. The people's need would also be met by the government... So that's what the USSR, DDR, etc. were.

But things like social welfare is actually a socialist thing too... in a true capitalistic society the government plays NO role in the economy, but leaves it to the market to sort it out.

In either extremes, a fully socialist society the government will have absolute power, but in a fully capitalistic society a monopoly will form. China today is actually far more capitalist than even the USA.
11:48 February 21, 2012 by 1TruthTeller
Well, this is evidence of blowback. How arrogant Western powers are, when seeking to impose what amounts to a blockade on Iran, that country simply says, "You're not going to buy our oil? Whatever! We're not going to sell you oil!" Stupid people in government just didn't think it through, now did they?

The corporate media have been given their orders to throw the focus back on to Iran.

Here is a recap of what these bozos are trying to make you forget.

1. Couple of years back, Rose Gottemoeller, an assistant secretary of state and Washington's chief nuclear arms negotiator, asked Israel to sign the Nuclear Non-Proliferation Treaty. Israel refused.

2. The United Nations passed a resolution calling on Israel to sign the Nuclear Non-Proliferation Treaty and to submit to inspections. Israel refused.

3. The IAEA asked Israel to sign the Nuclear Non-Proliferation Treaty and to submit to inspections. Israel refused.

4. Iran's formal notification to the IAEA of the planned construction of the backup fuel-rod facility underscores that Iran is playing by the rules of the Nuclear Non-Proliferation Treaty which Iran has signed.

5. Iran allows IAEA inspections of all its facilities.

6. Contrary to face-saving claims, it appears that the US and Israel were both caught off guard by Iran's announcement of a planned underground (to avoid being bombed) enrichment facility. The reasoning is simple. Had the US or Israel announced the existence of he new facility before Iran's notified the IAEA, it would have put Iran on the defensive. As it is now, the US and Israel seem to be playing catch up, casting doubt on the veracity of Israel's claims to "know" that Iran is a nuclear threat.

7. The IAEA and all 16 United States Intelligence Agencies are unanimous in agreement that Iran is not building and does not possess nuclear weapons. This was reaffirmed in a letter to Obama in November 2011.

8. In 1986, Mordachai Vanunu blew the whistle and provided photographs showing Israel's clandestine nuclear weapons factory underneath the reactor at Dimona.

9. Israel made the same accusations against Iraq that it is making against Iran, leading up to Israel's bombing of the power station at Osirik. Following the invasion of 2003, international experts examined the ruins of the power station at Osirik and found no evidence of a clandestine weapons factory in the rubble.

10. The United Nations released the Goldstone Report, a scathing report which accuses Israel of 37 specific war crimes and crimes against humanity in Gaza earlier this year. Israel has denounced the report as "Anti-Semitic (even though Judge Goldstone is himself Jewish), and the United States will block the report from being referred to the War Crimes Tribunal at the Hague, thereby making the US Government an accessory after-the-fact.

And now this march to war. Fool us once....
13:18 February 21, 2012 by Antone
Israel will go away on the last day, not a moment sooner. It was wrong for the Israelis to take land from the Palestinians. The Jews should have been given a large parcel of Germany in 1945. Lord knows the Jews deserved German land. After all German land is steeped in Jewish Blood and that fact can never be erased. The Arab world will never forgive the Jews for invading and taking Palestine. I think the Germans are still in debt to the Jewish people and will be for a very long time. Does boiling your tap water take out the Jewish taste?
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