EU Fuel Prices Hit Records as Oil Rises to $100
Transport fuel costs across Europe reached historic highs on September 14, driven by supply constraints from the Middle East conflict and Ukrainian attacks.
Key points
- Crude oil reached $100 per barrel, driving EU transport fuel prices to record highs.
- Shipping costs rose by $50 per barrel due to risks in the Red Sea and Hormuz.
- Bulgaria paid 50 euros to 550,000 citizens while Portugal and Romania cut taxes.
Crude oil prices climbed from $70 to $100 per barrel due to Middle East hostilities. Transport fuel costs in the EU followed suit, hitting record levels. France 24 reports that these spikes vary significantly by nation.
Supply Disruptions Drive Global Costs
Maritime risks in the Red Sea increased shipping costs by $50 per barrel. This made Gulf exports of refined products financially unviable. Ukrainian drone strikes further reduced the global supply of diesel and petrol.
Tax Differences Shape Pump Prices
EU minimum taxes stand at 33 cents per litre for diesel. France adds 20 percent VAT, while Denmark charges 2.50 euros per litre. Taxes typically constitute more than two-thirds of the final consumer price.
Governments Deploy Diverse Relief Measures
Portugal and Romania cut fuel taxes directly to lower retail prices. Bulgaria provided a one-off payment of 50 euros to 550,000 citizens. The European Commission authorized state aid for sectors facing the highest costs.
