EU Diesel Prices Hit Record Average of €2.24

The European Commission reported Thursday that the average price of diesel across the European Union has reached a record €2.24 per litre. This represents a significant increase from the €1.59 average recorded in February before the outbreak of war in the Middle East.

Twelve member states, including Belgium, Italy, Romania, and Poland, have hit all-time highs. Prices in Denmark, the Netherlands, and Finland exceeded €2.50 per litre, while Germany reached €2.44. These figures include taxes, which average 40% of the pump price, though they do not account for national subsidies.

The price surge follows a series of supply disruptions since February. These include the closure of the Strait of Hormuz, a Houthi blockade of Saudi exports in the Red Sea, and Ukrainian strikes on Russian refineries. High European refining margins have further contributed to the cost increase, with experts from the European Central Bank predicting these margins would peak in October.