EU diesel price falls after record highs

The average diesel pump price in the European Union fell by nine cents to 2.15 euros per litre after four straight weeks of increases had pushed it to a record high, European Commission data published Thursday showed.

The weekly average is based on prices displayed at petrol stations either at the start of the week or toward the end of the previous week and reported to Brussels by national authorities.

Only Cyprus among the EU's 27 member states recorded a new weekly high, compared with 12 countries the previous week, according to an AFP analysis of figures available since 2005.

G7 leaders agreed Friday to release up to 100 million barrels of diesel and crude oil over four months and not to ban exports between member countries in an effort to ease pressure on prices.

The Commission's oil bulletin figures include taxes, which vary between countries and account for an average of 40 percent of the pump price across the bloc. They do not include targeted subsidies, such as those for high-mileage drivers in France.

The EU-wide average is weighted according to each member state's fuel consumption in 2024. It stood at 1.59 euros per litre in February, before US-Israeli strikes on Iran triggered the war in the Middle East.