A temporary tax cut on road fuels lifted German demand for diesel and gasoline in the first half of May compared with April and the same period last year, data reported to Argus show. Heating oil picked up at the same time.
The €14.04/100l reduction in energy tax on motor fuels, in place from 1 May to 30 June, triggered an expected increase in buying in early May. Diesel prices were on average about €23.50/100l lower in the week ending 15 May than on 30 April. Diesel volumes reported to Argus rose by nearly 33pc in the first half of May from April, while gasoline sales increased by almost 35pc.
The rise in wholesale demand for truck loading partly reflected higher sales at filling stations and steady diesel use during the last phase of spring fieldwork. Industrial customers also drew down diesel stocks at the end of April and started replenishing in early May.
Overall, diesel spot sales during 1–15 May rose by almost a third from a year earlier. Spot gasoline volumes reported to Argus rose by about 29pc at the same time. But gasoline is traded more under supply contracts than on the spot market, limiting the relevance of the percentage changes compared with diesel or heating oil.
Heating oil sales reported to Argus also increased in early May, by 23pc from April, although from a historically low base. Compared with a year earlier, deliveries were down by nearly 60pc. Private heating oil tank levels were at 45pc nationwide on 12 May, the lowest since at least 2018, Argus MDX data show.
