French diesel prices top €2.40 a litre as European fuel costs hit records

French diesel prices reached an all-time high of €2.41 per litre on Sunday, according to an AFP analysis. This marked a new record, surpassing the previous peak set the day before. The European Commission reported that EU petrol and diesel prices had reached record highs last week. Rising fuel costs have been a global issue since the U.S. and Israel initiated their war with Iran in February. The conflict in Yemen and attacks on Saudi Arabia's energy infrastructure have further intensified the price surge in recent days.

The average fuel price in France, based on more than 8,700 petrol stations, exceeded €2.17 per litre at 10:30 am CEST. This figure exceeded the previous record set on the prior day. SP95-E10, France's most popular fuel, had remained above its 2022 peak for over a week.

While France remains one of the most expensive countries for fuel in the EU, the average diesel price was €2.29 per litre on September 14, the date used in the European Commission's weekly data release. Countries with higher prices during that time included Germany, the Netherlands, Denmark, and Finland, for both petrol and diesel.

Euroconsumers, a policy organization, warned that the latest fuel price increases are exacerbating the financial struggles many households have faced. According to Olivia Brown, a policy officer at Euroconsumers, consumers are now experiencing a "slow, tight squeeze." The organization's latest affordability survey found that around 30% of consumers are struggling with energy costs, while 44% are having difficulty with car expenses.

Fuel prices are driven by various factors, with crude oil prices playing a significant role. In September, crude prices soared by nearly a fifth, but they have since fallen over the past three days. Despite this, international benchmark Brent crude oil continues to trade above $100 per barrel. However, European refining margins, the difference between crude oil prices and the wholesale value of refined products, remain extremely high, potentially causing further price increases. Experts predict that diesel margins will peak in October, while petrol margins peaked in August.

The looming conflict in the Middle East and the restoration of energy and refining flows are expected to help bring fuel prices down in the future. However, the current outlook is weighing heavily on consumer confidence, with 72% of respondents in a Euroconsumers survey anticipating a worsening cost of living in 2026. Higher energy prices are expected to affect consumers across the board, leading to increased costs not only in energy and transportation but also in food and other household expenses.