403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Middle East Conflict Sends EU Fuel Prices Soaring
(MENAFN) A US-Israel military campaign against Iran has sent fuel costs across the European Union soaring, with diesel bearing the heaviest blow as disruptions to one of the world's most vital oil corridors reverberate through energy markets.
Data published by the European Commission on Thursday traced the price escalation directly to the conflict, which erupted on Feb. 28 and has since throttled traffic through the Strait of Hormuz — a chokepoint through which a significant share of global crude supply flows — to near-standstill conditions.
The numbers tell a stark story. Before hostilities intensified, EU-wide pump prices averaged €1.64 per liter for gasoline and €1.59 for diesel. By March 30, those figures had climbed to €1.87 and €2.07 respectively — a 14% rise in gasoline and a 30.2% surge in diesel, underscoring how acutely tightening supply and trade disruption have hammered the diesel market in particular.
The shock has not landed evenly. Germany absorbed some of the steepest increases, with gasoline jumping 17% from €1.82 to €2.13 per liter and diesel surging 32.4% from €1.73 to €2.29. France followed a near-identical trajectory, with gasoline climbing 17.5% from €1.71 to €2.01 and diesel leaping 32.7% from €1.65 to €2.19.
Further south, the impact was comparatively softer but still pronounced. Italy recorded a 4.8% rise in gasoline — from €1.65 to €1.73 per liter — while diesel climbed 19.4% from €1.70 to €2.03. In Spain, gasoline edged up 6.1% from €1.47 to €1.56, while diesel surged 25.3% from €1.42 to €1.78.
The divergence between northern and southern EU economies points to varying levels of exposure to global oil price swings, even as the bloc confronts a shared energy shock with no immediate resolution in sight.
Data published by the European Commission on Thursday traced the price escalation directly to the conflict, which erupted on Feb. 28 and has since throttled traffic through the Strait of Hormuz — a chokepoint through which a significant share of global crude supply flows — to near-standstill conditions.
The numbers tell a stark story. Before hostilities intensified, EU-wide pump prices averaged €1.64 per liter for gasoline and €1.59 for diesel. By March 30, those figures had climbed to €1.87 and €2.07 respectively — a 14% rise in gasoline and a 30.2% surge in diesel, underscoring how acutely tightening supply and trade disruption have hammered the diesel market in particular.
The shock has not landed evenly. Germany absorbed some of the steepest increases, with gasoline jumping 17% from €1.82 to €2.13 per liter and diesel surging 32.4% from €1.73 to €2.29. France followed a near-identical trajectory, with gasoline climbing 17.5% from €1.71 to €2.01 and diesel leaping 32.7% from €1.65 to €2.19.
Further south, the impact was comparatively softer but still pronounced. Italy recorded a 4.8% rise in gasoline — from €1.65 to €1.73 per liter — while diesel climbed 19.4% from €1.70 to €2.03. In Spain, gasoline edged up 6.1% from €1.47 to €1.56, while diesel surged 25.3% from €1.42 to €1.78.
The divergence between northern and southern EU economies points to varying levels of exposure to global oil price swings, even as the bloc confronts a shared energy shock with no immediate resolution in sight.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment