After fuel prices in Austria recently recovered, a jump in diesel costs is now imminent. The reason for this is that imports from Germany are becoming scarce, as Germany itself imports large quantities from Russia.
Although Austria no longer buys oil products directly from Russia, the second part of the EU embargo could also have an indirect impact on Austria. “Austria imports about 60 percent of Austria’s diesel needs. About 60 percent of this amount comes from Germany,” said Hedwig Doloszeski, director of the trade association of the mineral oil industry in the Chamber of Commerce, in the Ö1 “Morgenjournal” on Friday.
Price increase not yet foreseeable
Because Germany has so far produced a lot of diesel from Russian oil and has also purchased diesel from Russia, the supply of diesel in Austria could also decrease in the future.
Major bottlenecks are not expected, but “if there is too much demand and the supply is so low, prices can be higher,” explains Doloszeski. However, according to Doloszeski, it is impossible to estimate how much prices could rise.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
