German fuel prices reached new record highs as the deepening crisis in the Middle East and reciprocal reprisals increased risks to oil supplies. The average price of Super E10 petrol, the country's most widely used gasoline, rose to 2.273 euros per litre on Sunday.
The price of Super E10 increased by 1.7 cents compared with Friday. This took the petrol price to its highest level ever.
Diesel prices rose more sharply
The price of diesel rose by 3.5 cents over the weekend to 2.404 euros per litre. Fuel prices have climbed noticeably over the past two weeks.
Compared with their levels on August 30, Super E10 was selling for about 12 cents less and diesel for about 20 cents less.
Supply concerns in the oil market
A meeting of foreign ministers planned in Oman to resolve the crisis in the Strait of Hormuz between the Gulf countries and Iran was postponed at the last minute. The development increased concerns about the impact of tensions in the Middle East on oil markets.
Saudi Arabia's East-West oil pipeline was also temporarily shut down after drone attacks. Following the development, which was said to put 4 percent of global oil supplies at risk, the price of Brent crude approached $108 per barrel.
Record-low water levels on Germany's Rhine River also disrupted tanker transport and emerged as a domestic factor driving up shipping costs.
Berlin has no new discount plan
The rise in fuel prices strengthened expectations of new financial support or tax relief for drivers. The German government, however, announced that no new fuel discount was planned.
The fuel discount introduced previously provided relief of 16.7 cents per litre and cost the budget approximately 1.6 billion euros. The government, which is running a budget deficit because of extensive investment and defense packages financed through borrowing, was not inclined to introduce a new tax cut.
Germany's August inflation also rose again to 2.9 percent, driven by the impact of higher energy and raw material prices.
