Fuel prices: diesel in the EU hits an all-time high of €2.23 per litre

Brussels – The rise in petrol prices shows no sign of stopping. At petrol stations across the European Union, diesel has surpassed its all-time high, standing at an average of €2.23 per litre: 7 cents more than the previous week. The situation is no better for petrol, with the average price up 26.3 per cent compared with 23 February, the last time figures were recorded before the outbreak of war in Iran.

This is according to data from the Weekly Oil Bulletin, the weekly survey of fuel prices across all EU countries. Nineteen countries have broken the record for the price of diesel, including Germany, France, and Italy.

Behind the European averages, however, lie very wide variations. Eastern Europe is bearing the brunt of the price rises. Bulgaria tops the list for diesel price rises, with a 56 per cent increase since February, followed by the Czech Republic (52 per cent) and Estonia (51.9 per cent). Finland (47 per cent) and Belgium (46.7 per cent) round off the top five. For petrol, Finland tops the list with a 38 per cent rise, ahead of the Czech Republic (37.3 per cent) and Bulgaria (36.6 per cent).

Sweden and Ireland have been least affected by the crisis. In Stockholm, petrol prices rose by 10.2 per cent, and in Dublin by 11.8 per cent. Ireland also recorded the smallest increase in diesel prices, at just +18 per cent – less than half the European average.

Malta is a special case, where prices have not changed by a single cent since February: €1.340 per litre for petrol and 1.210 for diesel, the lowest in the EU. This has been achieved thanks to state subsidies, which, however, are placing an ever-greater burden on public finances.

Looking at the final price, Northern Europe remains the most expensive place to fill up. Petrol costs €2.618 per litre in Denmark, followed by the Netherlands (2.449) and Finland (2.364). For diesel, the Netherlands leads the way at €2.579, ahead of Denmark and Finland, both at €2.555. Apart from Malta, the lowest prices are found in Sweden (€1.579) and Bulgaria (€1.663) for petrol, and in Bulgaria (€1.916) and Spain (€1.918) for diesel. Bulgaria therefore remains one of the cheapest countries despite record price rises, as it started from much lower levels.

What about Italy? Petrol prices have risen from €1.655 to 2.141 per litre, a 29.4 per cent increase, three percentage points above the EU average. Compared with the rest of the EU, the situation is slightly better for diesel, which has risen from €1.702 to 2.281: a 34.1 per cent increase, which is a heavy blow for motorists and hauliers, but lower than the average in other countries. In the price rankings, Italy ranks seventh for both types of fuel.