Fuel prices at record highs, despite crude oil/ In Europe, costs are affected by refining capacities
The prospect of peace between Iran and the US has driven oil prices up and down sharply in recent months. Brent crude, the international benchmark, has traded between about $73 and $126 a barrel since late February and is currently around $95.
Fuel prices in Europe have followed these movements. But gasoline and diesel have remained particularly expensive because their prices also reflect the cost and availability of refining, not just the price of crude oil.
Although electric cars account for an ever-increasing share of new registrations, petrol and diesel still power almost nine out of 10 passenger cars on EU roads. According to the latest ACEA fleet data, 49.2% of them run on petrol and 38.4% on diesel, giving the two fuels a combined share of 87.6%.
Some European governments have temporarily reduced fuel taxes, however, gasoline and diesel prices remain near their historic highs.
In the week beginning August 31, petrol cost an average of €1.95 per litre across the EU, around 4% below its June 2022 peak of €2.03. Diesel cost an average of €2.04, around 3% below its record of €2.11 in April 2026.
Oil prices also affect households that do not own diesel cars. The fuel powers much of Europe's road freight transport, agriculture and construction, meaning that sustained price increases could ultimately increase the cost of food and other goods.
The latest inflation data in the eurozone showed that inflation rose to 3.3%, driven mainly by higher energy prices.
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