EU Fuel Prices Reach Record Highs Amid Ongoing Conflict
Fuel prices in the European Union have reached record highs, according to data from the European Commission. The average price of petrol has surpassed €103 per 50-litre tank, while diesel costs around €108 for the same amount. These figures are the highest on record since the Commission began tracking them in 2005.
The surge in fuel prices is largely attributed to the ongoing conflict in the Middle East, which has disrupted energy flows through the Strait of Hormuz. Brent crude prices rose above $126 per barrel during the height of the conflict and have remained elevated even after the peak.
ECB experts warn that refining margins are also contributing significantly to diesel prices. They expect diesel margins to peak in October, with petrol margins having already reached their highest point in August.