French diesel prices hit a fresh record of €2.41 a litre on Sunday, according to an AFP analysis. This came after EU petrol and diesel prices hit record highs last week, according to the European Commission.
Prices at the pump have been soaring globally since the United States and Israel launched their war with Iran in February, with the renewed conflict in Yemen and attacks on Saudi Arabia’s energy infrastructure intensifying the spike in recent days.
The news agency calculated the average price at 10.30 am CEST, based on prices displayed by more than 8,700 petrol stations on the economy ministry’s website, with the figure exceeding the previous record set the day before.
At over €2.17 per litre on Sunday morning, based on prices reported by more than 6,700 petrol stations, SP95-E10 — the best-selling fuel in France — had remained above its 2022 peak for more than 10 days.
SP98 also exceeded an average of €2.28 on Sunday, based on prices reported by more than 6,800 petrol stations.
Across the bloc, France remained one of the most expensive countries for fuel last week. However, the average diesel price was €2.29 on 14 September, the date used in the European Commission’s weekly data release. Countries with higher prices at the time included Germany, the Netherlands, Denmark and Finland, for both petrol and diesel.
A litre of petrol cost a weighted EU average of €2.063 as of 14 September, while diesel reached €2.159 per litre. Both were the highest readings in the Commission’s series, which begins in 2005. Petrol’s previous peak was recorded in 2022, while diesel last approached its current level in April this year.
The increases have fuelled social tensions in many countries, with the French government fearing a repeat of the so-called yellow vest protests that began in 2018 over fuel price hikes.
While crude prices, which soared by around a fifth in September, have fallen over the past three days, the international benchmark Brent remains above $100 a barrel.
But crude oil prices are only part of the problem. European refining margins — the difference between the cost of crude oil and the wholesale value of the refined products made from it — also remain very high. While petrol margins may have peaked, diesel margins are expected to rise further.
ECB experts told Euronews last Friday: “Looking ahead, based on refined diesel futures from LSEG on 16 September, the margin for diesel is expected to peak in October. Based on refined petrol futures from LSEG on 16 September, petrol margins peaked in August.”
They added that an end to the Middle East conflict and the restoration of energy and refining flows would be central to bringing prices down.