EU Fuel Prices Surge Amid Supply Disruptions

(MENAFN) Fuel costs across the European Union have risen sharply due to disruptions in oil supplies caused by the ongoing US-Israel conflict with Iran, with diesel experiencing the steepest increases as energy markets reel from the crisis.

Weekly data released by the European Commission on Thursday indicated that the war, which began on February 28, has significantly pushed up pump prices across the EU. Traffic through the Strait of Hormuz, a vital global oil corridor, has slowed to near paralysis, intensifying supply constraints.

Before the escalation, average gasoline prices in the EU were €1.64 per liter, while diesel averaged €1.59. By March 30, gasoline had risen to €1.87 per liter and diesel to €2.07, representing a 14% jump for gasoline and a 30.2% surge for diesel. The data highlights how diesel markets have been particularly affected by the supply squeeze and trade disruptions.

The impact has varied across EU member states. In Germany, gasoline climbed 17% from €1.82 to €2.13 per liter, and diesel surged 32.4% from €1.73 to €2.29. France saw gasoline rise 17.5% from €1.71 to €2.01, with diesel up 32.7% from €1.65 to €2.19. In Italy, gasoline increased 4.8% from €1.65 to €1.73, and diesel rose 19.4% from €1.70 to €2.03. Spain experienced a 6.1% rise in gasoline from €1.47 to €1.56 and a 25.3% jump in diesel from €1.42 to €1.78.

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