Average fuel costs continued their upward drift for the ninth week in a row, marking a persistent rise since mid-year. Gasoline has reached the highest level since late July 2022, while diesel hits the peak not seen since mid-February. In the latest week, gasoline prices inched up by roughly 0.58 percent from the previous week, settling around 1,731 euros per liter. Even with a 20-cent-per-liter government subsidy introduced to respond to the Ukraine crisis, the subsidy is at its 2023 peak so far and the largest since late November. To witness a price peak of this kind, one would need to travel back to the end of July of the prior year when the executive bonus remained in place through the end of 2022.
After a near 9 percent rise since early July, gasoline has hit a new all-time high as September begins. Diesel mirrors the same trajectory and also rose for nine straight weeks. Data from the European Union Oil Bulletin, compiled by Europa Press, show diesel averaging 1,622 euros per liter last week, up 0.62 percent, at a level not seen since mid-February. The 20-cent-per-liter subsidy helps keep diesel pricing below the peak reached at the start of September last year, when the discounted price stood at 1,721 euros after subsidies rather than the 1,921 euros before discounts.
Since July, gasoline has climbed about 8.7 percent while diesel has gained roughly 12.8 percent. With these gains, both fuels have largely stayed above the prewar price levels that existed before Russia invaded Ukraine on February 24, 2022. At that time, diesel traded around 1,479 euros per liter and gasoline around 1,594 euros. Despite the recent uptrend, the two fuels did not top the record highs touched more than a year ago; in July, gasoline peaked near 2,141 euros and diesel near 2.1 euros per liter.
Eight euros more than in 2022
Today, filling an average 55-liter petrol tank runs about 95.21 euros compared with 86.9 euros a year ago, when the 20-cent-per-liter discount was in play. That gap translates to roughly 8.3 euros more than the cost at the same time last year. For diesel, filling an average 55-liter tank comes to about 89.21 euros, about 5.44 euros less than the 94.65 euros recorded in the same period in 2022. A government policy enacted in response to the war has kept a minimum 20-cent-per-liter bonus in place for all consumers since the energy crisis began last year.
Diesel prices have remained cheaper than gasoline for 29 straight weeks, preserving the traditional gap seen before the Ukraine invasion. That invasion in late February 2022 was followed by a period when diesel generally traded at higher prices than gasoline, a pattern that persisted into mid-February of this year before shifting again.
On Thursday, the Brent crude benchmark stood around 90.33 dollars per barrel in Europe, while the Texas crude marker in the United States traded near 87.17 dollars. Fuel pricing is influenced by a mix of factors including refining costs, movements in crude oil, tax policy, raw materials and logistics costs, and gross margins. Price changes in crude oil are reflected in fuel prices with a delay rather than an instant transmission.
Prices still cheaper than some European averages
Gasoline with 95 octane in Spain sits below the European Union average, with prices around 1,835 euros per liter and the euro area averaging about 1,898 euros. Diesel in Spain also runs below EU averages at roughly 1,739 euros per liter, with the euro zone average near 1,779 euros per liter.
These contrasts show how local tax regimes, transport costs, and market demand shape fuel affordability across regions. The broader trend in North America remains higher prices relative to early 2022 levels, even as European prices display varied dynamics driven by regional energy policies and market conditions. Citations: European Union Oil Bulletin data via Europa Press.