EU Fuel Prices Hit Record Highs Amid Supply Disruptions
Retail petrol and diesel costs in the European Union have reached all-time highs, driven by geopolitical conflict and rising refining margins.
The average cost of a 50-litre tank of petrol reached €103. The average cost of a 50-litre tank of diesel reached €108. These figures represent the highest levels in the European Commission’s data series, which began in 2005.
Petrol prices hit a weighted EU average of €2.063 per litre. Diesel prices reached €2.159 per litre. Both figures mark new records for the bloc. The previous peak for petrol was recorded in 2022.
Energy Inflation Accelerates in Eurozone
Energy inflation in the Eurozone rose to 14.3% in August. The rate was 10.3% in July, according to the European Central Bank. The surge follows the outbreak of conflict in the Middle East. Disrupted energy flows through the Strait of Hormuz have driven up costs.
Brent crude prices exceeded $126 per barrel at the height of the conflict. Prices traded above $104 per barrel on Friday. The cost was approximately $72 per barrel before the war began. These fluctuations directly impact retail pump prices.
Supply Disruptions Affect European Refiners
Saudi Aramco halted supply to at least two European refiners. The suspension applies to long-term contracts for October. The decision follows an attack on a key pipeline to the Red Sea. Bloomberg reported that the move applies to all European buyers.
Price variations remain significant across member states. Petrol is cheapest in Malta at €1.34 per litre. It is most expensive in Denmark at €2.56 per litre. Diesel ranges from €1.21 in Malta to €2.51 in Finland. Taxes are included in these figures.
Diesel Margins Expected to Peak
Refining margins have risen alongside crude costs. Petrol margins appear to have peaked. ECB experts expect diesel margins to reach their highest point in October. This delay adds pressure to retail prices. The data comes from the European Commission’s Weekly Oil Bulletin.
GN auto markets/energy: crude oil prices note that these trends are structural. The combination of supply cuts and high refining costs sustains high retail prices. Consumers face the highest filling costs on record. The situation remains volatile due to ongoing geopolitical tensions.
