Diesel prices across the European Union have surged to an unprecedented record of €2.23 per liter, according to recent data from the European Commission. Cyprus currently sits at €1.95 per liter, specifically €1.948, placing it among the lowest in the bloc alongside only Spain, Malta, and Bulgaria. Similarly, the average price for 95-octane petrol stands at €2.09 across the EU, while Cyprus maintains a significantly lower rate of €1.68, a figure exceeded by just Bulgaria, Malta, and Sweden.
This dramatic increase stems from severe global supply chain disruptions and geopolitical conflicts. The closure of the Strait of Hormuz by Iran following American and Israeli strikes on its territory in March and April 2026 severely restricted heavy crude oil supplies and caused damage to refineries. Compounding these issues, Houthi attacks have blocked Saudi exports in the Red Sea, while the ongoing war in Ukraine continues to disrupt energy markets. Since late February, the EU average price has climbed by approximately 40 percent. Across the Atlantic, the United States experienced an even steeper surge, with diesel prices jumping over 70 percent to roughly $6.50 per gallon.
A total of 19 EU member states have recorded historic peak diesel prices, based on weekly data stretching back to 2005. Denmark and Finland lead the continent at €2.56 per liter, followed by Germany at €2.46. Belgium and France hover near €2.40, while Italy approaches €2.30. Greece, Estonia, and Slovakia had previously reached their own peaks in 2022 as a direct consequence of the Russian invasion of Ukraine. Germany, France, Poland, and four other nations also set their prior records in March or April 2026. Notably, nine of the 19 countries have recently shattered records that were originally established in August or September 2026.
The reported costs include taxes such as VAT and excise duties, which account for roughly 40 percent of the pump price on average across the bloc. Targeted subsidies, like the relief measures for long-distance drivers in France, are not factored into these figures. Since late February, several countries have significantly reduced their excise duties on road fuels, according to the Bruegel institute. Other European governments have adopted financial measures similar to those during the 2022 energy crisis, primarily through temporary fuel tax cuts. However, Alexander Roth, a researcher at Bruegel, noted that the amounts remain significantly lower than in 2022. He added that the current energy shock is less intense and more gradual compared to 2022, a time when some governments had more limited fiscal margins. The underlying data, drawn from the European Commission weekly oil bulletin, reflects prices posted at gas stations early in the week or late the previous week, with the EU27 average weighted by 2024 fuel consumption.