The price of Brent crude rose above $100 a barrel in September as conflicts in the Middle East intensified. Volatility in the oil market was reflected in fuel prices across the European Union.
The average petrol price, including taxes, rose by approximately 24% between 23 February and 7 September, climbing from €1.64 to €2.04 per litre. The diesel price also increased by approximately 33% during the same period, rising from €1.59 to €2.11.
The intensification of the conflicts increased the risk of attacks on oil production facilities and energy infrastructure, as well as uncertainty over the transport of oil and petroleum products through the Strait of Hormuz. These developments heightened concerns about supply security in global oil markets.
Tighter supply conditions in Europe's diesel market in particular contributed to diesel prices rising faster than petrol prices.
Denmark and Finland saw the sharpest rise in petrol prices
Among member states, the largest increases in petrol prices were recorded in Denmark and Finland. In Denmark, the price per litre rose by approximately 36%, from €1.94 to €2.63, while in Finland it climbed from €1.71 to €2.32.
Prices rose by 32% in Czechia and Poland and by 29% in Lithuania.
Bulgaria recorded the largest rise in diesel prices
In Bulgaria, the price of diesel rose by approximately 47%, from €1.23 to €1.81 per litre. This was the largest increase in diesel prices among the member states.
Czechia followed Bulgaria with an increase of approximately 44%, followed by Finland at 42%, Poland at 39% and Belgium at 38%. Czechia, Finland and Poland ranked among the five countries with the sharpest price increases for both petrol and diesel.
Differences in prices between countries are influenced by tax rates, fluctuations in national currencies, refinery and fuel-supply structures, and local market conditions.
In a statement on 8 September, the European Commission said that the situation in the Middle East remained unstable and that geopolitical uncertainty in the region was increasing price volatility in oil and petroleum product markets, particularly for diesel and jet fuel.
The Commission said there was no immediate concern regarding oil supply security in the European Union at present. However, it noted that the course of the conflicts could tighten markets further in the coming weeks and months.
