Corona virus – For the first time in history, the oil price has gone into negative territory. There are also rock-bottom prices at the petrol pumps in the region. Will refueling soon be free?
- The corona virus pandemic is causing economic stagnation in many places.
- Cars, planes and factories have been idle for weeks.
- The demand for crude oil has dropped dramatically, leading to historically low oil prices.
- Diesel, petrol and heating oil are as cheap as they were 11 years ago.
Exceptionally, those who stood at the petrol pump in the past few days did not have to dig deep into their pockets. Because of the corona virus pandemic, the global one Oil price dropped dramatically, which also affects the Gas stations in the Rhine-Neckar Metropolitan Region noticeable. It doesn’t even cost 1.00 euro diesel now in many places and you can get the super petrol for a mere 1.05 euros. Again Automobile association ADAC announces is the Gasoline price as cheap as it was eleven years ago in 2009. That you can’t go anywhere at the moment because of the cheap Fuel prices exploiting is a downer.-
Corona virus: Price shock at the petrol pumps
On average, according to the ADAC, drivers currently pay for one liter Super E10 1,160 euros, which is 2.1 cents less than last week. diesel on the other hand, it was almost 1.8 cents cheaper and costs on average 1.078 euros in Germany. Even the high demand for heating oil can do that Diesel price do not stabilize, even if it dampens the free fall somewhat.
In Wiesloch near Heidelberg, too, the diesel price dropped to less than EUR 1.00.
© MANNHEIM24 / Michael Watson
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Today’s cheapest fuel was in Ludwigshafen. There he has Liters of diesel just 0.949 euros tasted. But also in Heidelberg and Mannheim could drive for less than 1.00 euro diesel refuel.
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Free fall oil prices: Corona virus dampens demand
The reason for the cheap Fuel prices at the Gas station are the massive slumps of the Crude oil prices. Due to the corona virus pandemic, the demand for crude oil dropped dramatically. Sure: there is less flying, driving and working. The countless cars, planes, and factories that are now at a standstill needed more than 100 million barrels of crude oil a day shortly before the Corona crisis. This huge amount has shrunk to a minimum overnight, but the oil companies have continued to produce oil. Since the need is much higher than the demand, this has a huge impact on the Oil price: Since the beginning of the year this has been more than Dropped 65 percent.
Corona virus affects crude oil price: Will refueling soon be cheaper?
On Tuesday (April 21) there was a historic event: for the first time in history it is Oil price negative slipped. As a result, oil traders in the United States had to pay money for someone to buy their oil. A technical effect also played a decisive role here. Most of the crude oil business runs via futures. This means that a seller commits to a certain amount on a certain date crude oil to deliver at a certain price. And the buyer commits this amount oil also lose weight. This agreement is in a so-called contract captured. Speculators then trade these contracts and speculate on rising or falling prices. At the beginning of the week, the owners of such contracts could no longer get rid of their supply contracts because no one needed oil. The market is saturated and the stocks are full. The speculators had no choice but to sell the paper at bargain prices, which exacerbated the fall in prices.
Falling crude oil price is also noticeable in Germany
In Germany, experts agree: drivers shouldn’t expect it, soon at the gas station Money for refueling to get. In Germany the price is for petrol and diesel composed of several factors. Transport, processing and taxation are essential for the composition of the fuel price for the consumer.
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List of rubric lists: © Jens Büttner / dpa-Zentralbild / dpa
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