Fuel Costs Skyrocket Across EU

(MENAFN) Fuel expenses throughout the European Union have escalated following oil supply disturbances triggered by the US-Israel war with Iran, with diesel witnessing the most pronounced increases as the confrontation sent tremors through energy markets.

Weekly statistics released by the European Commission on Thursday indicated that the war, which commenced on Feb. 28, has propelled a sharp surge in pump prices across the union as traffic through the Strait of Hormuz — "one of the world’s most critical oil chokepoints" — slowed almost to a standstill.

Prior to the intensification of the Middle East crisis, average gasoline costs across the EU were €1.64 per liter, while diesel averaged €1.59.

By March 30, gasoline prices had risen to €1.87 per liter and diesel reached €2.07, illustrating the magnitude of the market repercussions.

This represents a 14% increase in gasoline prices across the bloc, while diesel prices have soared 30.2%, emphasizing how restricted fuel supply and amplified trade disruptions have disproportionately affected diesel markets.

The price surge has varied across the EU’s principal economies.

In Germany, gasoline rates climbed 17% from €1.82 to €2.13 per liter, whereas diesel surged 32.4% from €1.73 to €2.29.

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