Fuel prices are on display as a cyclist passes a petrol station in Lazdijai, Lithuania on Oct. 3, 2026. (Photo by Petras Malukas / AFP)
Europe’s reliance on imported diesel has left it exposed to sharp price increases as refinery disruptions in the Middle East and Russia restrict supplies, prompting governments to tap emergency reserves.
The Group of Seven agreed on Oct. 2 to release 100 million barrels of crude oil and fuel over four months through the International Energy Agency (IEA), with substantial diesel supplies to be released in the first 20 days.
The move follows a rise in the EU’s average diesel pump price to a record 2.24 euros per liter, about 41 percent above its prewar level, according to European Commission figures published on Oct. 1.
Before the Iran war, the Middle East and Russia supplied nearly a third of global diesel exports, The Wall Street Journal reported.
Gulf shipments in August fell to a quarter of their prewar level, while Russian exports dropped to about a fifth of May volumes, the newspaper said.
U.S. refiners have helped cover the shortfall but are also operating close to capacity.
European refineries have limited scope to increase production quickly, leaving the region dependent on imports.
The EU held 36 million metric tons of emergency diesel stocks at the end of June, equivalent to roughly two months of consumption, the Journal reported, citing Eurostat.
Alan Gelder, a senior vice president at energy consultancy Wood Mackenzie, told Euronews that a large release of diesel reserves could reduce pump prices by 0.10 to 0.15 euros per liter.
“Any further release only buys time, as global diesel supply is still below global diesel demand,” he said.
Releasing stocks would also reduce Europe’s protection against further supply disruptions. Rebuilding them would depend on increased production and exports from the Middle East, Kpler analyst George Shaw told Euronews.
IEA Executive Director Fatih Birol warned at an event in Istanbul on Oct. 2 that higher diesel prices would soon push up inflation worldwide.
In Türkiye, diesel on Istanbul’s European side cost 97.10 Turkish Liras per liter on Oct. 1, down from 100.31 liras on Sept. 17. It remained about 61 percent above its prewar price of 60.30 liras.
