No relief at the pump: EU diesel hits new record of €2.24 a litre

The average price of diesel fuel at the pump across the European Union has reached a record high of €2.24 per litre, according to data released by the European Commission on Thursday. This surge, which surpasses the previous high of €1.59 per litre before the Middle East conflict erupted, is putting a strain on household budgets. Twelve EU member states have set new all-time price records, including Belgium, Italy, Romania, and Poland, according to AFP.

The price hikes are causing concern among consumers, with some filling a 50-litre tank now costing more than 15% of the gross monthly minimum wage in Bulgaria. The European Commission's latest figures reveal that in Denmark, the Netherlands, Finland, and Germany, diesel prices have surpassed €2.50 per litre, while in Belgium, the price reached a record €2.43 per litre, up from €2.39 the previous week.

In Italy, the price climbed by seven cents to €2.35 per litre. French stations, excluding overseas territories and Corsica, were charging an average of €2.37 per litre, showing only a slight decline. Overall, EU diesel prices increased by an average of one cent per litre over the past week.

The European Commission's Weekly Oil Bulletin, which includes taxes that account for around 40% of the pump price across the bloc, showed a one-cent increase from the figures recorded in February. Prior to the war in the Middle East, the EU average diesel price was €1.59 per litre. The recent price surge can be attributed to several factors, including the blockade of the Strait of Hormuz, a key route for Gulf fossil fuels, and the Houthi blockade of Saudi exports in the Red Sea.

Additionally, Ukrainian strikes on Russian refineries have contributed to the supply disruptions that are driving up diesel prices. Even though fuel prices have been rising since February, the escalation in the Middle East has further exacerbated the situation.