In 2020, drivers refueled more cheaply than they have been for a long time. The drop in oil prices due to the Corona crisis made Super E10 the cheapest refueling year since the fuel was introduced ten years ago. On average for the first eleven months, the type of gasoline cost a nationwide average of 1.257 euros per liter, as announced on Friday when asked. An expert from the traffic club said that this will not change much by the end of the year. The cheapest year so far for E10 was 2016 with an average of 1.281 euros.
Diesel was also very cheap this year: the nationwide average from January to November was 1.112 euros. That is the lowest value since 2016.
Currently, the fuel prices are still a bit below the previous annual averages. Diesel cost a nationwide daily average of 1.105 euros on Thursday, Super E10 was 1.225 – both with a slight upward trend on Friday. Prices have been rising for a few weeks now.
The ADAC does not expect any major price fluctuations over the holidays. That has hardly existed for a few years. Much more important for the price is therefore the time at which you refuel. Usually it is cheap between 6pm and 10pm.
The range of fuel prices in the past year was very wide with ranges of more than 30 cents. Super E10 was the most expensive on January 1 at 1.439 euros and cheapest on April 30 at 1.129 euros. Diesel cost the most on January 7th with an average of 1.336 euros. The cheapest fuel was on October 30th at 1.024 euros.
The most important factor for fuel prices is typically the development of the oil price. And for the crude oil market, this year was one of the craziest ever. Observers have seen just about everything that commodity markets have to offer.
During the first Corona wave in spring, oil prices initially collapsed at an historic level. The panic was so great that the price of American oil temporarily turned negative. In other words, buyers of crude oil were rewarded for buying excess oil from the producer. Because the demand for oil collapsed drastically as a result of the corona restrictions.
Oil is significantly cheaper than at the beginning of the year
The already delicate situation was exacerbated by a price war between the oil powers Saudi Arabia and Russia. Experts rubbed their eyes when the two oil giants persisted in the Corona crisis, of all things, with an oil glut and ever lower consumer prices. The endurance test was immense for the Opec + oil network, which was actually founded to avoid such situations. Ultimately, however, the insight prevailed that the arguers settled their conflict.
This was followed by an initially slow but stronger price increase towards the end of the year. The decisive factor was, on the one hand, the recovery of China with its great hunger for raw materials. The breakthrough came in late autumn with the successes in research into corona vaccines. North Sea oil of the Brent brand recently cost a good 50 US dollars a barrel again, as much as it did shortly after the outbreak of the corona crisis in March. However, that’s still twenty dollars less than at the beginning of the year.
However, the low fuel prices will soon be over. At the turn of the year, the lowering of the value added tax, with which the federal government wants to support the economy in the corona crisis, ends. Together with simultaneous changes in CO2 pricing, this will probably make gasoline and diesel more expensive by 10 to 11 cents per liter in one fell swoop.
Vehicle tax, gasoline prices, fines – that will change in 2021