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Diesel Surge Costs European Drivers €203mn Daily

Financial Times Companies •
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Europeans are paying an extra €30 per 50-litre diesel tank fill-up as prices hit record highs, driven by disruption in the Strait of Hormuz and attacks on Russian refineries. Analysis by Transport & Environment (T&E) of European Commission data shows diesel prices have surged 40% since the start of 2026, compared to a 28% rise for petrol. This translates to a daily premium of €203mn across the continent. Diesel accounts for over 40% of petroleum consumption in Europe, double the US share, making the economy highly vulnerable. "As we are running our road transport on internal combustion engines, we're reliant on a very volatile commodity that we have no control over," said Juliette Egal, principal data analyst at T&E. The EU aims to double electrification to 46% of demand by 2040, which the International Energy Agency says could cut global energy import bills by over $400bn. Commission President Ursula von der Leyen noted imported fossil fuels have cost an extra €90bn since the Iran war began.

French President Emmanuel Macron has urged Brussels to temporarily weaken fuel quality specifications and allow wider use of B10 biodiesel blend to boost refinery output by 5-20%. The Commission acknowledged the volatility of imported fossil fuels but did not commit to specific measures. Europe's diesel dependence stems from 1990s policies favoring its efficiency, though the Dieselgate scandal later revealed higher real-world emissions.