EU Pump Prices Hit Record Highs; ECB Sees Diesel Margins Peaking in October

European Union retail fuel prices reached their highest levels on record, European Commission data show, with petrol at a weighted EU average of €2.063 per litre and diesel at €2.159 as of September 14. Filling a 50-litre tank now costs about €103 for petrol and €108 for diesel. The surge, driven by the Middle East conflict that began in late February and disrupted flows through the Strait of Hormuz, has intensified inflation. Eurozone energy inflation rose to 14.3% in August from 10.3% in July, the ECB said. Brent crude traded above $104 a barrel on Friday, up from about $72 before the war. ECB experts told Euronews Business that diesel refining margins are expected to peak in October, while petrol margins peaked in August. In the third week of September, refining margins contributed €0.41 (19%) per litre to euro-area diesel prices and €0.17 (8%) to petrol. Since the start of 2026, EU average petrol prices have risen about 29% and diesel nearly 40%. ECB experts said a ceasefire, normalized Hormuz flows and restored refining activity are needed to lower prices.