Fuel prices rising across Switzerland

With the Strait of Hormuz closed and oil and gas companies halting production in the Middle East, experts in Switzerland have warned drivers that petrol and diesel prices could reach 2,05 Swiss francs per litre by the end of the week.

Diesel to cost over 2 Swiss francs by end of week

Oil prices are on the rise globally and drivers in Switzerland may start to see higher than normal prices at petrol stations.

According to Touring Club Switzerland (TCS), average fuel prices have already risen by 5 cents for petrol and 10 cents for diesel since the beginning of March.  

TCS expert Erich Schwizer predicts that diesel prices in the alpine nation will reach around 2,20 Swiss francs per litre and 1,90 Swiss francs for petrol by Friday, March 13, reports Watson. The driving association doesn’t typically forecast fuel prices but has made estimates “based on stock market price data”.

Despite rising prices, German drivers have begun making their way to Swiss towns to fill up on fuel because it's currently still cheaper than in Germany. The so-called "reverse shopping tourism" also happened during the fuel shortage in 2022.

Switzerland’s fuel supply is “currently secure”

Oil prices are on the rise globally after the US-Israel war on Iran resulted in the Strait of Hormuz, an important oil and gas shipping route in the Middle East, closing. Major oil and gas companies in Gulf countries such as Qatar, Kuwait, Bahrain and the United Arab Emirates have halted production.

Crude oil has been selling for over 100 dollars per barrel and at one point reached 119,50 dollars, a 70 percent increase compared to before the war started. This is the highest level since the war in Ukraine triggered a similar price hike in 2022.

While prices may be on the rise for now, Avenergy Suisse has emphasised in a press release that Switzerland’s fuel supply is “currently secure”. “The market has sufficient crude oil and petroleum products both internationally and domestically. The situation in the Middle East currently has no direct impact on Switzerland's supply.” This does, however, depend on how long the Strait of Hormuz remains closed.