Price of heating oil to rise to new record level

The Federal Economy Department has announced that from tomorrow the maximum price that can be charged for heating oil (50S) will rise to a new record level. From Wednesday 8 June suppliers of heating oil will be allowed to charge up to 1.44 euro/litre to customers ordering more than 2,000 litres. This constitutes a rise of 7.28 cents on the current maximum price. 

The new record price is 5 cent higher than the previous record price of 1.39 cent/litre that was set in mid-March.  

The maximum price for orders of less than 2,000 litres will also increase by 7.28 cents to 1.39 euro/litre.

Since the start of the war in Ukraine the price of heating oil has risen spectacularly. The price hike has not come about due to shortages, but rather as a result of uncertainty and speculation about the geopolitical situation and the impact that it might have on future supplies.

The coronavirus crisis too has had an impact on the price of heating oil. Now the worst of the pandemic is behind us, demand for oil is increasing thus pushing up prices. 

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