EU petrol and diesel prices surge sharply ahead of heating season

Average Euro 95 petrol price in the EU reached 2.04 EUR per litre in the first week of September, and diesel 2.11 EUR per litre — a sharp increase from the previous week. Since the outbreak of war in the Middle East, petrol has risen by about 24 per cent and diesel by about one third. Escalation of the Middle East conflict is driving up the geopolitical premium in oil and LNG markets, and Europe's gas storage levels are significantly lower than a year ago. Analysts warn of the risk of another wave of inflation in the EU.

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