The record surge in diesel prices is costing Europe a premium of 203 million euros ($231.70 million) per day, with drivers in the continent forking out an additional 30 euros at the pump, according to a study by European advocacy group Transport & Environment published Wednesday.
Most of the diesel and gas oil consumption in the EU is on account of road consumption and truckers are now paying more than 236 euros a week in extra costs and diesel car drivers an additional 19 euros each time they fill their tanks, the report said. Diesel cars account for 38% of passenger cars on EU roads, making Europe the most vulnerable region to high diesel prices, it added.
Tight refined oil product supplies have widened the gap between the already high crude oil prices and diesel and boosted refinery profits to record levels, with European oil companies doubling their latest quarterly profits at consumers' expense, the study said. In H1, eight major oil companies made 7.5 billion euros in excess profits in the EU, it added.
"Short-term measures, including reducing motorway speeds by 10km/h, eco driving guidance and car sharing could cut diesel demand by 15%. In the longer-term, electrification would significantly reduce diesel demand," the report added.