FOCUS – Middle East war pushed gasoline up 24% and diesel 33% in EU countries

BRUSSELS, September 13 /ATSH – AA/ – According to European Commission data, gasoline prices in the European Union (EU) have risen by 24 percent and diesel by 33 percent since the outbreak of the war in the Middle East, as the conflict has heightened concerns about global oil supply security.

The average price of Euro-super 95 gasoline at fuel pumps in the EU, including taxes, was 1.64 euros per liter on February 23, before the start of the war, while by September 7 it had risen to 2.04 euros per liter, data from the European Commission’s weekly oil bulletin showed.

Diesel prices rose faster over the same period. The average price of diesel in the EU rose from 1.59 euros to 2.11 euros per liter, an increase of about 33 percent.

The increases come as fighting in the Middle East has intensified, adding to fears of attacks on oil production facilities and energy infrastructure, as well as uncertainty over the transport of crude oil and refined products through the Strait of Hormuz.

Brent crude futures returned above $100 per barrel in September as the conflict escalated, a development also reflected in fuel prices at pumps across Europe.

According to analysts, tighter oil supply in Europe has been among the factors that have pushed its prices up more than those of gasoline.

Among EU member states, gasoline prices rose most in Denmark and Finland.

In Denmark, the pump price of gasoline rose by about 36 percent, from 1.94 euros to 2.63 euros per liter, while in Finland it rose by about 36 percent, from 1.71 euros to 2.32 euros.

The Czech Republic and Poland followed with increases of about 32 percent, while Lithuania recorded an increase of 29 percent.

Diesel prices up as much as 47 percent

Diesel prices rose most in Bulgaria, by about 47 percent, from 1.23 euros to 1.81 euros per liter.

Bulgaria was followed by the Czech Republic with an increase of about 44 percent, Finland with about 42 percent, Poland with about 39 percent and Belgium with about 38 percent.

The Czech Republic, Finland and Poland were among the five countries with the largest increases in both gasoline and diesel prices.

Differences in price increases among member states reflect varying tax rates, currency fluctuations, fuel refining and supply structures, as well as local market conditions.

On September 8, the European Commission said the situation in the Middle East remains unstable and that geopolitical uncertainty continues to cause significant fluctuations in oil and refined product markets, particularly diesel and aviation fuel.

They stressed that there is currently no immediate threat to the EU’s oil supply security, but warned that the course of the conflict could further tighten markets in the coming weeks and months.