Rising oil prices push Austrian diesel to EUR 2.30

Rising oil prices are driving up fuel costs, with diesel reaching EUR 2.30 per litre by Tuesday lunchtime, ORF reports. The price is expected to rise further because of several ongoing conflicts and bottlenecks at refineries.

Jürgen Roth, head of energy trading at the Austrian Economic Chamber, said prices could potentially reach EUR 3 per litre. “A few weeks ago, I would have said that I could not see EUR 3 at all. From today’s perspective, it can probably no longer be ruled out,” he said.

Roth also pointed to additional measures planned by the Austrian government from 2027, which would further increase the tax burden.

Energy traders are not benefiting from higher fuel prices, Roth said. Their margin remains a single-digit cent amount per litre, regardless of whether fuel costs EUR 2.20 or EUR 1.50. Any fall in international prices and purchasing costs would be passed on to customers immediately, he said.

Jörn Kleinert, an economist at the University of Graz, said the main beneficiaries were large producers that could continue selling, particularly those in regions not affected by crises, as well as processors able to resell the products.

He referred to the finance minister’s proposal to pursue an excess-profits tax at European level and make the additional revenue available to governments if it could not be returned to consumers.

There is unlikely to be any relief for fuel and heating oil prices in the near future, Kleinert said. Prices would fall quickly and reliably only if peace were reached in the conflict regions. With the heating season beginning and no sign that the conflicts are easing, he expects prices to continue rising.