European petrol averages €1.95 per litre, 4% below June 2022 peak
Petrol and diesel prices in the EU have fallen slightly from their 2022 and April 2026 highs but remain near historical peaks, driven by high refining costs alongside volatile crude oil.
Fuel costs in Europe stayed high this week because refining expenses and taxes added to fluctuating crude oil prices. Brent crude traded between about $73 and $126 per barrel since late February, reaching approximately $95 on Friday. European petrol averaged €1.95 per litre during the week starting August 31, which is 4% lower than June 2022's peak of €2.03. Diesel averaged €2.04 per litre, around 3% below its record of €2.11 set in April 2026. These figures from the European Commission include duties and taxes. The prices reflect broader supply chain costs, as petrol and diesel costs depend on refining operations in addition to the cost of crude oil. Although electric vehicles are increasing in new registrations, they still represent a small share compared to internal combustion engines. According to ACEA fleet data, 49.2% of EU passenger cars run on petrol and 38.4% on diesel, meaning nearly nine out of ten passenger cars use these fuels. Consequently, even temporary tax reductions by some governments have not been enough to bring fuel prices down significantly from their previous highs.
