German petrol prices hit historic high

5th May 2004, Comments 0 comments

5 May 2004 , BERLIN – German petrol prices have surged to an historic high as OPEC production cuts and growing concerns about Middle East supplies drive up global energy prices.

5 May 2004

BERLIN – German petrol prices have surged to an historic high as OPEC production cuts and growing concerns about Middle East supplies drive up global energy prices.

This week a litre of super breached the key average of EUR 1.20 mark in Germany with the price of petrol creeping up two cents over the last week.

Energy giant Shell estimated this week that the rise could push up the annual petrol bill for drivers in Germany on average by EUR 100.

World oil prices were hovering around a 13-year peak on Wednesday with violence in the Middle East continuing and terrorist attacks in Saudi Arabia leading to concerns about a disruption to supply.

In particular, this followed a weekend attack by Islamic radicals on foreign workers employed at a foreign-owned petrochemical plant in Saudi Arabia and the news that the US-led coalition in Iraq last month foiled a planned bombing assault on southern Iraqi oil facilities.

With both the global and German economic upswing at a delicate stage, economists are also worried that the sharp rise in oil prices could derail the recovery.

[Copyright Expatica News 2004]

Subject: German news

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