EU fuel prices hit record highs

EU petrol and diesel prices hit record highs in mid-September, with the European Commission’s Weekly Oil Bulletin showing the highest readings in its series going back to 2005. Euronews reports that, across the EU, filling a 50-litre tank costs about €103 for petrol and €108 for diesel, with the weighted average at €2.063 per litre for petrol and €2.159 for diesel as of 14 September.

The immediate culprit is the Middle East conflict that began at the end of February 2026 and disrupted energy flows through the Strait of Hormuz, pushing Brent crude above $126 a barrel at the height of the crisis and leaving it above $104 for the following month as of the Friday before Euronews’ report. But the pump price is not simply “oil plus tax”. An ECB blog cited by Euronews estimates crude accounted for less than a quarter of the euro-area pump price, with the remainder made up of refining and distribution costs and margins, excise duties, and VAT. In July, the ECB’s breakdown put excise duties and VAT at about 44% of the diesel price and 52% of the petrol price.

That structure matters because the story has shifted from crude scarcity to the conversion of crude into usable fuel. Euronews writes that refining margins have become a significant factor, and that petrol refining margins peaked in August based on refined petrol futures data from LSEG dated 16 September. ECB experts told Euronews diesel refining margins are expected to peak in October, implying the pinch point is still moving through the system rather than easing at the border.

Supply risk is also arriving through contract mechanics rather than spot-market headlines. Euronews reports that Saudi Aramco informed at least two European refiners they would receive no oil under long-term contracts in October following an attack on a key pipeline to the Red Sea, with Bloomberg citing sources who said the decision applied to all European buyers. Even without a physical shortage at the pump today, refiners and wholesalers must price the possibility that “normal” deliveries will not arrive on normal terms.

Since the start of 2026, Euronews reports the weighted EU average petrol price is up about 29%, while diesel is up almost 40%. The Commission’s data show a wide spread across member states, from Malta at the low end to Denmark and Finland at the high end. The numbers are uniform in one respect: they include taxes.

As of 14 September, the Commission’s bulletin recorded the highest EU-wide petrol and diesel prices since it began publishing the series in 2005.