The escalating conflict in Iran has sent European petrol prices soaring to levels not seen since 2022. Between late February and early March, Germany saw unleaded petrol jump from €1.82 to €2.07 per litre - a 14% surge. Austria followed closely, with prices rising 13% from €1.51 to €1.71. Finland, already among Europe’s most expensive markets, saw fuel climb from €1.71 to €1.93 per litre.
The spike correlates with Brent crude oil’s rally, fueled by fears over disruptions to the Strait of Hormuz, a critical global oil transit chokepoint. The European Union average rose 8%, from €1.64 to €1.77 per litre.
Germany and Austria have moved to cap daily price hikes, restricting stations to one daily increase at noon. Hungary imposed a price ceiling of €1.50-1.52 per litre for domestic vehicles to prevent cross-border fuel arbitrage.
A Transport and Environment analysis warns that if oil exceeds $100 a barrel, European drivers could face an additional €150 million in daily fuel costs.