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German gasoline prices hit highest since March 2022

  • Märkte: Oil products
  • 14.09.26

Wholesale gasoline prices in Germany rose to their highest level since March 2022 on 7 September, supported by higher crude prices, refinery maintenance across Europe, low water levels on the Rhine and Russia's continuing export ban.

Gasoline prices, along with diesel and heating oil, are at exceptionally high levels in Germany, approaching the peak reached in March 2022. Unlike in 2022, when prices spiked only briefly, domestic gasoline prices have remained above €180/100 litres for more than a week. The highest level so far this year was just under €184/100l on 7 September.

Ice Brent crude futures have risen sharply since early September, although they remain below this year's previous high of $121.86/bl reached at the end of April. The latest rally, like that in Ice gasoil futures, has been driven largely by renewed tensions between the US and Iran in late August and concerns over the impact on global energy supplies.

Maintenance at several northern European refineries is also supporting gasoline prices. Planned work is under way this month at Klesch's 251,000 b/d Gelsenkirchen refinery in Germany, Neste's 205,000 b/d Porvoo plant in Finland, ExxonMobil's 270,000 b/d Fawley refinery in the UK and Orlen's 373,000 b/d Plock site in Poland.

Argus estimates these maintenance programmes could take 450,000-550,000 b/d of northern European crude distillation capacity offline at their September peak. Unplanned outages, including at Varo's 68,000 b/d Cressier refinery in Switzerland, have further tightened supply.

Low water levels on the Rhine are also complicating gasoline blending in Germany. Restrictions on barge movements of blending components are increasing transport costs and limiting supplies available to domestic blenders.

Russia's ongoing export ban on gasoline and diesel is adding to market tightness. While sanctions prevent direct imports of Russian fuel into the EU, the loss of Russian export volumes has intensified competition for supply in other markets and is supporting prices.

By Johannes Guhlke


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