Prices north of €2 per litre have been seen in several petrol stations across Austria, including in the states of Vienna and Tyrol.
Inflation has been on the rise across Europe in recent months, fuelled primarily by the impacts of the Covid-19 pandemic and the subsequent measures taken to prevent the spread of the virus.
2021 had the highest rate of inflation seen in Austria for a decade, with a steady rate of 2.8 percent seen across the country.
In early 2022 however, Russia’s invasion of Ukraine and the subsequent global instability have placed additional inflationary pressure on petrol prices.
In addition to concern surrounding Russian oil and gas imports, global markets have been spooked by the conflict, resulting in an increase in prices.
The EU is considering a ban on Russian oil imports as part of tightening sanctions on the aggressor nation.
To counter the impact, Austrian authorities have already sought to broaden sources of oil and gas, including from the Middle East.
What can Austrians do to minimise the impact of rising petrol prices?
While pressure is rising on Austria to reduce VAT or remove it completely, the government has said it is not contemplating these steps at present.
One major consequence of increases in oil prices has been a spike in ‘petrol tourism’, with Austrian residents visiting neighbouring countries to fill up.
Crossing the border to Hungary is particularly popular, with the Hungarian government having put in place a price limit in November 2021.
Lower prices in Slovenia have also sent motorists heading across Austria’s southern border, while lower taxes have also made Switzerland a popular destination.
For tips on saving money on petrol in Austria, check out the following link.