Petrol and diesel prices at filling stations have risen significantly in recent weeks. A study shows that this was not only due to the higher oil prices, the oil companies also benefited considerably.
A study by the environmental organization Greenpeace shows that the petroleum industry has apparently earned billions from the high prices at the pumps. According to the study, the oil companies in Europe have earned at least three billion euros from the higher prices for diesel and petrol since the beginning of the war – in addition to their normal income.
Study: Fuel prices rose significantly more than crude oil prices
The analysis showed that there were significantly larger margins between international crude oil prices and European petrol station prices: while the price of crude oil rose by around 19 cents per liter from the beginning of the year to March, diesel cost around 30 cents per liter more on average. According to the study, the development for petrol was similar, albeit somewhat weaker. According to the study, companies in Germany made additional profits of 1.2 billion euros for the month of March alone.
Greenpeace therefore assumes that the massive rise in prices at gas stations “was largely caused by the oil companies’ higher profit margins”. “Higher purchase prices could only partially explain the temporary record prices,” said the environmental protection organization.
Oil companies: Higher prices caused by rising energy prices
The Fuels and Energy trade association (en2x), which represents companies in the mineral oil industry, explained that the higher prices are offset by higher energy costs, “including for the use of gas and electricity in the refinery process, for increased import prices for mineral oil products and for the additional transport that has become necessary within Europe”.
At the same time, the association pointed out that the mineral oil companies had begun to reduce their imports of Russian crude oil and, above all, diesel “immediately after the beginning of the war on their own initiative”. As a result of this “deliberately brought about reduction in sources of supply”, the supply of diesel and heating oil in particular is limited, which has led to higher market prices with the same high or even increased demand for heating oil.
ADAC: Refueling is still “too expensive”
Since the start of the Russian war of aggression against Ukraine, fuel prices have at times reached new record highs. According to the ADAC on Wednesday, the price of petrol has recently fallen below two euros per liter and the price of diesel to an average of 2.05 euros. Nevertheless, refueling is “still far too expensive compared to the price of crude oil,” according to the automobile club.
Greenpeace itself criticizes the decision to reduce the energy tax on fuel for three months. “The recent fuel tax cuts, mainly at the instigation of the FDP, reduce the incentive to save and thus play into the hands of the oil companies and Putin,” explained Greenpeace traffic expert Marion Tiemann.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
