Diesel prices rise in Europe to unprecedented levels

A photograph taken on March 8, 2022 shows a board with prices of gasoline and diesel at a petrol station, in Essen, western Germany. (Photo by Ina FASSBENDER / AFP)

Diesel prices rose in Europe to unprecedented levels, in light of fears of the continued decline in supplies.

And Bloomberg News indicated that traders are willing to pay up to an additional $142 per ton for fuel this month, rather than waiting until next month.

Bloomberg added that this additional price for immediate access to fuel is the highest since these transactions began to be monitored in early 2008.

According to Bloomberg, the price of a barrel of diesel is currently more than 195 dollars, which is the highest price ever as well.

This comes at a time when indications are increasing that Russian oil is in short supply to diesel production companies in Europe, due to the repercussions of the Russian war on Ukraine, which could affect the supply of Russian crude oil, which is used in the production of all types of fuel, from gasoline to jet fuel.

On the other hand, the Dutch-British oil giant “Shell” said that it will stop all its spot purchases of Russian crude oil, and will also close all fuel stations, services and all operations related to aviation fuel and lubricants in the country with immediate effect.

The price of diesel and gasoline in Germany for the first time exceeded 2 euros per liter. And the German Automobile Club of the Year (ADAC) announced today, Tuesday, that the price of a liter of supercharged E10 gasoline yesterday, Monday, averaged 2,008 euros in Germany. According to the data, the average price of a liter of diesel was 2,032 euros.

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