Fuel prices in the European Union rose significantly between February 23 and September 7. The average price of petrol including taxes increased from €1.64 to €2.04 per litre, while the price of diesel rose from €1.59 to €2.11. This corresponds to an increase of approximately 24% for petrol and 33% for diesel.
The increase was driven by growing concerns over supply security in global oil markets amid the conflicts in the Middle East. The escalation of the conflicts increased the risk of attacks on oil production facilities and energy infrastructure, as well as uncertainty surrounding the transport of oil and petroleum products through the Strait of Hormuz.
The price of Brent crude also rose above $100 per barrel in September as the conflicts in the Middle East intensified. Volatility in the oil market was reflected in fuel prices across Europe, while tightening supply conditions, particularly in the diesel market, contributed to diesel becoming more expensive than petrol at a faster rate.
Petrol prices rose 36% in Denmark and Finland
A comparison of petrol prices in member states shows that the largest increases were recorded in Denmark and Finland. In Denmark, the price per litre rose from €1.94 to €2.63, an increase of approximately 36%. In Finland, petrol prices rose from €1.71 to €2.32.
The increase reached 32% in Czechia and Poland and stood at 29% in Lithuania.
Diesel prices rose 47% in Bulgaria
The sharpest increase in diesel prices was recorded in Bulgaria. The price per litre rose from €1.23 to €1.81, an increase of approximately 47%.
Bulgaria was followed by Czechia with an increase of approximately 44%, Finland with 42%, Poland with 39% and Belgium with 38%. Czechia, Finland and Poland ranked among the five countries with the largest increases in both petrol and diesel prices.
Differences in prices between countries are influenced by tax rates, fluctuations in national currencies, refinery and fuel supply structures, and local market conditions.
In a statement issued on September 8, the European Commission said that the situation in the Middle East remained unstable. The Commission said that geopolitical uncertainty in the region had increased price volatility in oil and petroleum product markets, particularly those for diesel and jet fuel.
The Commission also said that there was currently no urgent problem concerning the security of oil supplies in the European Union. However, developments in the conflicts could lead to further market tightening in the coming weeks and months.
