Fuel prices in the European Union have reached new records, with filling a typical car now costing an average of nearly 103 euros for gasoline and 108 euros for diesel. This information is based on data from the European Commission dating back over two decades.
Price Increases and Inflationary Pressures
Since the onset of conflicts in the Middle East, retail fuel prices in Europe have surged significantly, contributing to inflationary pressures. According to a report from the European Central Bank, energy inflation in the Eurozone rose to 14.3 percent in August, a significant increase from 10.3 percent in July. For instance, the price of gasoline on September 14 reached 2.063 euros per liter, and diesel reached 2.159 euros, both the highest recorded figures in the history of the Commission's reports.
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Regional Differences in Fuel Prices
Fuel prices vary significantly across different EU countries. For example, the cheapest gasoline price in Malta is recorded at 1.34 euros per liter, while the most expensive is observed in Denmark at 2.56 euros. Diesel prices also range from 1.21 euros in Malta to 2.51 euros in Finland. These figures are derived from the latest weekly oil bulletin from the European Commission dated September 17, which includes taxes.
The rise in fuel prices has begun as a result of the war with Iran at the end of February and disruptions in energy flow from the Strait of Hormuz. Brent crude oil prices peaked during the conflicts at over 126 dollars and were trading above 104 dollars for delivery next month on Friday. Prior to the war, Brent prices were around 72 dollars per barrel.
Challenges in Fuel Supply in Europe
Fuel supply in Europe has faced more challenges. Saudi Aramco has informed at least two European refiners that it will not supply any oil under long-term contracts to them in October. This decision was made following an attack on one of Saudi Arabia's key pipelines towards the Red Sea, and reports indicate that this restriction applies to all European buyers.
In addition to international oil prices, refining costs and margins have also risen significantly, putting further pressure on pump prices. Refining margins represent the difference between the cost of crude oil and the prices of refined products such as gasoline and diesel. According to experts from the European Central Bank, diesel margins are expected to peak in October.
The Future of Fuel Prices in Europe
Experts from the European Central Bank have warned that renewed disruptions in energy supply could lead to further and prolonged increases in energy prices. To reduce gasoline and diesel prices, an end to the conflicts in the Middle East and a return to normal flow in the Strait of Hormuz and global refining activity is essential. These conditions could quickly lower crude oil and retail fuel prices, but disruptions in Russia's refining capacity may keep margins high even if conflicts are resolved.
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