European Fuel Prices Remain Elevated Post-Conflict
European fuel prices have continued to rise, with an average increase of 12% since the US and Israel launched strikes on Iran in late February 2026. Despite a fragile ceasefire between Washington and Tehran that was agreed upon in April, fuel costs across the continent have not returned to pre-attack levels.
The conflict began on 28 February 2026 when the United States and Israel carried out a series of strikes against Iran. In response, Tehran launched retaliatory attacks across the region. A ceasefire was eventually reached on 8 April, but it remains tenuous and has not fully stabilized fuel markets.
Surging Fuel Prices Across the EU
Fuel prices experienced a sharp increase globally following the conflict, with Europe being no exception. While there was a slight decline after the ceasefire, prices remain significantly higher than they were before the strikes.
According to the European Commission’s Weekly Oil Bulletin, Business analyzed fuel price changes across Europe by comparing prices on 23 February and 20 April 2026. The results showed a notable upward trend in both petrol and diesel prices.
Petrol Price Increases
The EU average price for petrol (Euro-super 95) rose from €1.64 to €1.83 per litre, marking a 12% increase. Several countries saw much steeper increases:
- Belgium, Czechia, and Bulgaria recorded the highest rises at 22% each.
- Among the EU’s four largest economies:
- France had the biggest increase at 18%.
- Germany followed at 15%.
- Italy saw a 7% rise, while Spain had a more modest 3% increase.
- Malta remained unchanged in petrol prices.
Other notable increases included:
- Greece at 17%.
- Finland and Denmark at 14% each.
- Hungary at 13%, the Netherlands at 11%, and Ireland at 10%.
Exchange rate fluctuations may have influenced these figures in non-euro area countries.
Diesel Price Surge
Diesel prices increased even more dramatically, rising from €1.59 to €2.01 per litre — a 26% increase, which is more than double the petrol price rise.
Key highlights include:
- Bulgaria saw the steepest increase at 43%.
- France (36%), Estonia (35%), and Belgium (33%) all recorded increases of at least a third.
- Cyprus, Croatia, and Latvia also exceeded a 30% rise in diesel prices.
Among major economies:
- France ranked second overall at 36%.
- Spain saw a 27% rise, above the EU average.
- Italy increased by 24%, and Germany by 23%.
- Malta recorded no increase in diesel prices.
- Hungary and Romania had the smallest rises at 13% each, while Poland saw a 15% increase.
Fuel Prices After the Ceasefire
As of 20 April 2026, petrol prices in several European countries exceeded €2 per litre. The Netherlands had the highest at €2.28 per litre, followed by Denmark (€2.22), Germany (€2.11), Greece (€2.03), and France (€2.02).
In contrast, Malta had the cheapest petrol at €1.34, followed by Poland (€1.41) and Bulgaria (€1.47). Spain had the fourth lowest price at €1.52.
Diesel Price Rankings
The Netherlands also topped the diesel price rankings at €2.30 per litre. Finland (€2.25), France (€2.24), Denmark (€2.22), and Belgium (€2.19) completed the top five.
Among the major economies:
- France, Germany (€2.13), and Italy (€2.11) were clustered near the top.
- Spain was the only large economy below the EU average in diesel prices.
- Malta remained an outlier at €1.21 per litre, with Poland next at €1.64.
Evolution of Fuel Prices During the Crisis
Weekly price data since the start of 2026 shows how the conflict impacted fuel costs across the EU and its largest economies. Prices began to rise in the weeks leading up to the strikes, with petrol climbing from €1.64 per litre on 23 February to nearly €1.90 by late March. Diesel prices similarly increased from €1.60 to over €2.06 during this period.
Both fuels peaked in early April, with diesel briefly surpassing €2.10. Following the ceasefire, prices started to ease, but they remain well above pre-strike levels.
Taxes and Fuel Pricing
Taxes play a significant role in determining fuel prices in Europe. According to Eurostat, in 2024, petrol engine vehicles accounted for 67% of new car registrations, while diesel vehicles made up 17%. Battery-only electric vehicles represented 14% of new registrations. This distribution highlights the ongoing reliance on traditional fuel sources and the impact of taxation on consumer costs.
