The per-barrel price of diesel rose above US$200 in Europe, the highest since March 2022 when Russia's invasion of Ukraine shook markets.
The Easter holiday weekend across Europe is expected to see a surge in demand with queues at petrol stations. PARIS: The price of diesel fuel has rocketed by more than 30% across Europe since the start of the Middle East war, highlighting the continent's dependence on imported energy and the lingering prominence of diesel on the car market.
The Easter holiday weekend across Europe is expected to see a surge in demand with queues at petrol stations. Diesel has been worse hit than other fuels and was already under pressure before the war. Experts say its cost will rise further – with a knock-on effect on inflation – as long as trade through the Strait of Hormuz remains blocked. The per-barrel price of diesel rose above US$200 in Europe on Thursday, the highest since March 2022 when Russia's invasion of Ukraine shook markets. Diesel is ubiquitous in Europe. While electric cars are making inroads in new sales, diesel is still the most widely used fuel. Trucks, farm tractors, buses, building site machinery and even shipping depend on it. Diesel accounted for 86% of transport fuel sales in Latvia in 2024, 73% in France and 66% in Germany, according to FuelsEurope, a trade body which represents the refining industry. The international supply-and-demand balance for diesel 'was much tighter than the gasoline balance going into the war and the subsequent market response has been one of strong gasoil price escalation, while gasoline’s price response has been somewhat muted,' Susan Bell, a commodity markets specialist at Rystad Energy, a consultancy, told AFP. Russia dilemma In Britain, France and other countries, the price of diesel has risen more than 30% since the first US-Israeli air strikes on Iran and resulting choking of the Strait of Hormuz. In France, the price of regular petrol has gone up by just 17%, according to government statistics consulted by AFP. The Netherlands has the most expensive diesel in Europe at more than US$2.80 a litre, according to research by the RAC, a British motoring organisation. That is about 20% more than Italy, the cheapest country surveyed by the RAC. Diesel was for a long time cheaper than petrol. At the end of the 20th century, governments and car firms encouraged drivers to buy diesel-engine cars. But not enough refineries were built to keep up with demand for the fuel and in recent years governments have imposed higher taxes on it. The EU is now a net exporter of petrol, mainly to the US and Africa, but an importer of diesel. Russia was Europe's main source of diesel until Moscow's all-out invasion of Ukraine in 2022 set off international sanctions. Now EU nations look to India, Turkey, the US and Saudi Arabia for supplies. Middle East states provided more than half of Europe's diesel in 2025 , according to Rystad Energy. About one third of this passed through the Strait of Hormuz. Europe is now struggling to find alternatives. Slovakia last month ordered a 30-day restriction on diesel sales, while foreigners have to pay more for the fuel there. Ireland and Spain have temporarily cut the taxes they charge on the fuel. 'Refineries are working at full capacity,' said an expert at French energy giant TotalEnergies, which has six refineries across Europe. 'Even with maximum adjustment to our settings, the room for manoeuvre remains minimal' for TotalEnergies, he added. Bell said that if there were a shortage of regular petrol, then Europe could cut its exports. But that doesn't work for diesel. 'The most efficient and economical solution for Europe would be to source its diesel from Russia,' said Bell. The EU will not be lifting its sanctions anytime soon, however. Postponing refinery maintenance, using strategic reserves, and reducing consumption appear to be the only other ways to partially address the imbalance, she said.
Energy Crisis EU Imports Europe Fuel Fuel Inflation Middle East War Refinery Limits Strait Hormuz Totalenergies Truck Diesel
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Slot Hopes Salah Ends Liverpool Legacy on High NoteLiverpool manager Arne Slot expresses hope that Mohamed Salah will conclude his time with The Reds with a flourish. Slot calls the 33-year-old Egyptian star a 'living legend' after scoring 255 goals in nine years. Salah announced he would leave at the end of the season. Despite a past controversy where he admitted a strained relationship with Slot, Salah has returned as a key player. Liverpool is currently fifth in the league and competing for a Champions League spot while also contesting in the FA Cup and European competitions. Slot hopes Salah can make his legacy even more special, as they aim for significant achievements.
Read more »
Jet Fuel Price Surge Impacts Global AviationRising jet fuel prices, fueled by the ongoing conflict, are causing airlines worldwide to raise fares, revise financial forecasts, and consider operational adjustments.
Read more »
New Zealand electric vehicle sales soar during petrol price pinchKUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia.
Read more »
Malaysia Poised to Benefit from Palm Oil's Resilience Amid Global Food Price and Fertilizer ConcernsMalaysia, a major palm oil exporter, is in a favorable position to supply edible oils due to the relatively low impact of fertilizer disruptions on its palm oil production, stemming from the Middle East conflict and Strait of Hormuz closure. This is due to the crop's reliance on potash rather than nitrogen-based fertilizers and pre-existing fertilizer purchases, placing it in a strategic advantage amidst rising global food prices and disruptions.
Read more »
Petronas: Oil Price Surge Not Equal to Extraordinary ProfitsPetronas's CEO clarifies that while higher oil prices may benefit the upstream sector, rising costs across the energy value chain, including shipping and insurance due to geopolitical tensions, limit overall profit gains. The company highlights its substantial contributions to the Malaysian government despite not directly bearing a larger share of subsidies.
Read more »
Liverpool's Alisson Ruled Out, Facing City and PSG ChallengesLiverpool goalkeeper Alisson Becker will miss the FA Cup quarter-final against Manchester City and Champions League matches versus Paris Saint-Germain due to injury. The team faces challenges, with Giorgi Mamardashvili expected to deputize. Mohamed Salah is fit to play, and Alexander Isak could return. The Reds aim for FA Cup success and seek a seventh European crown.
Read more »