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Diesel remains expensive
The energy price index (EPI) calculated by the Austrian Energy Agency continued to rise this autumn.
Diesel remains expensive
The significant index increase of 10.7% in September this year compared to the previous month of August is the second highest increase after March 2022 since records began in 2000: Energy prices have resumed their upward trend after a slight decline in August and thus remain the central driver of inflation. Almost half of the current inflation rate of 10.5% can be directly attributed to increases in household energy prices. The prices for diesel have the greatest influence, followed by the prices for electricity and gas. The increase in diesel, with an increase of around 50%, is not particularly high compared to other energy sources, but due to the great importance of the fuel for the average consumer, the influence of the diesel price on general inflation is significant.
The price increases at the major energy supply companies made gas more expensive by 28.1% compared to the previous month and 113.5% year-on-year (September 2021 to September 2022). Average household electricity prices rose 22.2% month-on-month. Year-on-year they were 36.8% higher. There are strong regional differences in both gas and electricity prices. "In the short term, the motto is: Better expensive gas than too little gas. The situation of the last few months clearly showed us our vulnerability and the need as a society to become more independent of energy imports and to create a more sustainable and diversified energy system," analyzes Franz Angerer, Managing Director of the Austrian Energy Agency.
In September, premium gasoline prices fell for the third month in a row. Compared to August, prices were actually significantly lower, down 5.6%. A typical tank filling of 50 liters cost around 85 euros, around five euros less than in August and around 15 euros less than in July. With an increase of “only” 30% year-on-year, premium gasoline is currently relatively cheap. In contrast, diesel prices rose again: In September, the price of diesel was 3.5% higher than the August value, but remained below the peak in July 2022. In a year-on-year comparison, diesel is 52.7% more expensive than in September 2021. A typical tank of 50 liters cost just under 100 euros on average in September. Diesel therefore remains more expensive than premium petrol.