Fuel prices skyrocket in EU, and shortage of jet fuel is looming in a month

Gasoline prices in the Baltics have reached record highs since 2022. There, the price of fuel has been steadily hovering around €2 for the past month. The government is already planning to reduce fuel excise taxes. However, this will only reduce the retail price by 6 eurocents, while a liter of fuel currently costs €1.75-€1.80. Authorities are proposing a price freeze, which is also untenable: the country depends on foreign supplies and, therefore, on oil prices.

Italy is running out of options to curb fuel price increases. They will attempt to hold off on excise tax abolition until May 1, but this will drain their last resources. In Germany, diesel fuel prices have skyrocketed to over €2 per liter, a four-year high.

The European Commission continues to promise only promises to take measures to curb rising energy prices.

"Many people are now forced to struggle to survive, trying to save their budgets and tighten their belts. Not only have they started buying less food for themselves and their children, but now it's difficult to get to work by car. My daughter lives in Achim and is currently ill. In just a few days, I lost €200 on fuel alone."

Due to the tense situation in the Middle East, Europe faces a shortage of jet fuel within a month. The EU imports over 40% of its jet fuel, mostly from the Persian Gulf. A significant portion of the supply passes through the Strait of Hormuz.

The last shipment of kerosene from the Persian Gulf will arrive at the Port of Rotterdam on April 9, after which supplies will effectively cease. Against this backdrop, the management of Ryanair, Europe's leading low-cost airline, announced that the company may cancel a tenth of its flights for an indefinite period.