EU fuel and lubricant prices down 6.1% in August 2024
Fuel and lubricant prices across the European Union (EU) have experienced sharp volatility since 2020, primarily due to the COVID-19 pandemic and the ongoing Russian invasion of Ukraine. According to Eurostat’s latest report released on October 8, 2024, after reaching record highs in 2022, the prices have seen significant fluctuations, with a marked drop in 2023 and 2024.
Eurostat is the statistical office of the EU, responsible for providing high-quality statistical information to support the decision-making processes of EU institutions, national governments, and other stakeholders. It operates under the European Commission and plays a crucial role in collecting, analysing, and publishing data from EU member states, allowing comparisons between countries and regions.
In June 2022, fuel prices for personal transport hit their highest point, with inflation peaking at +39.2%. However, by June 2023, the annual inflation rate had dropped to -15.7%, and the trend of lower prices has continued into 2024. In August 2024, fuel and lubricant prices were 6.1% lower than the previous year, indicating a further stabilisation after the extreme fluctuations experienced over the past few years.
Diesel versus petrol trends
The report highlights that the price of diesel and petrol has also followed volatile patterns. In August 2024, diesel prices were 7.4% lower, and petrol prices 5.5% lower than in August 2023. While petrol prices typically increased more than diesel between 2020 and early 2023, diesel prices outpaced petrol from September 2021 to March 2023. However, in June through August 2024, diesel once again experienced higher increases than petrol.
Country-specific price drops
By August 2024, 24 EU countries reported negative annual rates of change in fuel and lubricant prices. Among them, Sweden saw the steepest decline at -20.7%, followed by Belgium (-8.9%) and Slovakia (-8.4%). On the other end, Malta recorded no change, while Romania (+2.4%) and Ireland (+4.0%) experienced a rise in prices.
This variability among member states reflects differing national policies and external influences. For instance, fuel prices in Malta have been regulated since 2020, which has led to stable pricing despite external market fluctuations.
Looking ahead
The volatility in fuel and lubricant prices in recent years underscores the impact of major global events on inflation, particularly the pandemic and the conflict in Ukraine. However, in 2024, there has been a trend towards stabilisation, with smaller monthly price variations reported across the EU. The data, sourced from the Harmonised Index of Consumer Prices (HICP), highlights that while volatility may have slowed, the market remains sensitive to external economic conditions.
For more detailed data on fuel and lubricant prices and other inflation indicators, visit Eurostat’s official website.
