Will the Rhine drought push up prices? Evonik ‘praying for rain’

Will the Rhine drought push up prices? Evonik ‘praying for rain’

A summer drought that saw the Rhine’s water level drop to a record low is affecting the flow of fuel to some of Germany’s biggest cosmetics manufacturers, according to a report published by Bloomberg.

The key transport artery is currently closed to barge traffic and have sent diesel prices soaring to the highest level for the time of year in seven years.

“While we cannot predict the weather, we hope for rain every day,” Evonik Chief Financial Officer Ute Wolf said on a November 5 call, per Bloomberg.  

Leave a reply

Your email address will not be published. Required fields are marked *

TOP 50 BRANDS