In Germany, for example, in the first week gasoline went up by 20 cents per liter, diesel – by almost 40 cents. Taking into account daily fuel consumption, this means additional costs of millions of euros per day. For an ordinary driver, a full tank now costs about 10-20 euros more than a week ago, according to Bild.
Heating has also become more expensive. The price of fuel oil has risen by about 37 euros per 100 liters, so filling a special boiler for the winter can cost hundreds of euros more.
Gas has not yet become more expensive for most households due to long-term contracts, but the increase in wholesale prices could increase heating bills by up to 50% if high prices continue. In this case, heating costs for a private home could rise by about a thousand euros a year.
The negative effects are also visible on the stock exchanges. In the first week after the conflict began, the DAX index fell, as did the US Dow Jones. Economists warn that a further rise in oil prices could slow down the economy: with a moderate rise in prices, Germany’s GDP growth could fall by 0.1-0.2%, and with oil prices above $100 per barrel, the country risks stagnation again.
