Germany says recent gas price hikes worse than in ’70s oil crises

Recent price hikes at German gas pumps are larger than during two historical oil crises – 1973-74 and 1979-80 – as well as the 2008-09 financial crisis, Germany's official statistical department said on Wednesday.

"Motor fuel prices in March 2022 for consumers are up by almost half from a year earlier," said a statement by Destatis, adding: "Import prices of natural gas in March are more than three-and-a-half times higher than a year earlier."

Destatis underlined that energy prices have been pushed up by the Russia-Ukraine war, launched almost two months ago.

"The year-on-year increase in motor fuel prices in past decades was never as large as in the current reference month March 2022," it added.

Source: Anadolu Agency