Gasoline and diesel prices rose across the European Union
Between February and September, fuel prices in the European Union increased significantly due to the impact of conflicts in the Middle East.
A major increase was recorded in gasoline and diesel prices across the European Union between February and September as the conflicts in the Middle East reflected on global markets.
General Price Increase Rates
According to European Commission data, the average gasoline price across the EU was 1.64 euros in February, reaching 2.04 euros in September with a 24 percent increase. Diesel prices, on the other hand, rose from 1.59 euros to 2.11 euros during the same period, marking a 33 percent increase.
Impact of Middle East Conflicts
The war in the Middle East directly contributed to this surge in fuel prices by escalating concerns over global oil supply security. The conflicts in the region and uncertainties in transportation through the Strait of Hormuz pushed the barrel price of Brent crude above 100 dollars in September.
Highest Increases in Gasoline Prices
When member states are examined, the highest increases in gasoline prices were seen in Denmark and Finland at 36 percent. These countries were followed by Czechia and Poland with a 32 percent increase rate, and Lithuania with a 29 percent increase.
Developments in the Diesel Market
The sharpest increase in diesel prices was recorded in Bulgaria, where the price per liter rose by approximately 47 percent. Bulgaria was followed respectively by Czechia, Finland, Poland, and Belgium, experiencing high rates of increases in the diesel market.
Commission's Assessment on Supply Security
The European Commission stated that there is currently no emergency oil supply problem within the EU, but the course of the conflicts could tighten the markets further in the upcoming period.