'Largest global fuel supply disruption in history': Which Europeans are paying the most for fuel?
The global oil crisis sent petrol and diesel peaking over €2.4/L and €2.5/L, but figures adjusted for the cost of living give a better indication of which countries are feeling the pinch the worst.
Over $100 a barrel, fuel prices soared again as global supply woes caused by Iran and Houthi attacks intensified. The crisis is deemed the biggest physical supply disruption in energy markets' history. In Europe, the highest petrol price averaged €2.43 per liter in the Netherlands, followed by Denmark at €2.35 and Finland at €2.32. Diesel prices were even higher, with France at €2.40 per liter and Italy at €2.36.
When accounting for purchasing power standards, the Balkans faced the steepest increase in fuel costs. Bosnia and Herzegovina topped the list, with a 50L refuel costing more than any other EU country. Greece also saw significant price pressure, affecting both petrol and diesel consumers the most. The disruption has led to refinery production falling to nearly five million barrels a day, causing a bottleneck in refined oil markets.
Crude oil supplies from the Gulf are disrupted, forcing refineries to search for alternative sources or pay higher prices. The war in Ukraine exacerbates the situation, with other major buyers like Turkey and Brazil seeking diesel supplies elsewhere. European Central Bank experts predict that diesel refining margins will peak in October, while petrol margins peaked in August.
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