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Supply scarcity, German consumers have to pay more for gas

Gazprom Germania. (Source: AP)

The reason is due to the impact of the sanctions Russia targeted the Gazprom subsidiary in Germany.

The German Economy Ministry estimates that the country needs an extra 10 million cubic meters every day gas, equivalent to a current expenditure of about 3.5 billion euros per year. The German federal government is working to diversify its gas reserves, including quickly filling Germany’s largest gas storage facility in Rehden. Currently, gas storage at the Rehden facility is at a historic low, only about 48.6%.

Last May, Russia decided to stop supplying Gazprom Germania, Gazprom’s subsidiary in Germany, after Europe imposed sanctions on Russia.

Previously, Germany imported on average 55% of the gas it needed from Russia via land-based pipelines. This share was reduced to 40% by the end of the first quarter of this year, when Germany increased imports from the Netherlands and Norway. The change in gas supply partly caused energy prices in Germany to soar, causing record inflation in the country. The German government had to come up with measures to ease the burden on consumers.

German Chancellor Olaf Scholz said: “The prices of petrol, diesel, food and gas are rising rapidly, and the Federal Government has proposed extended support packages for people and businesses worth more than 30 billion euros. This grant will be approved in the coming weeks.”

From the beginning of this June, the German government has also reduced taxes on fuel. In addition, Germans are also supported to buy public transport tickets to travel around Germany for 9 Euros (more than 200,000 VND)/month.

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