Daily windfalls amid rising fuel prices
A recent Greenpeace report highlights that European oil companies have been generating “superprofits” exceeding €80 million per day since the start of the Middle East conflict. The surge is largely due to the widening gap between crude oil costs and pump prices. In March alone, these additional profits reached approximately €2.5 billion.
Diesel makes most gains
The report finds that the largest increases occurred in diesel, which contributed an extra €75.3 million daily, while petrol sales accounted for €6.1 million per day. Countries showing the most significant price divergence include the Netherlands, Sweden, Denmark, Austria, and Germany.
Germany and France top the list
Combining price differences with sales volume, Germany recorded the highest daily superprofits at €23.8 million, followed by France with €11.6 million per day. Notably, petrol price deviations in France slightly decreased by 3.4 cents per litre.
Call for windfall taxes
Greenpeace France urges European governments to implement permanent taxes on oil and gas company profits. According to the NGO, revenue from these taxes could be used to reduce energy bills and accelerate Europe’s path toward energy independence.
Conflict fuels energy market volatility
The Middle East war, triggered by joint US-Israel attacks on Iran on February 28, has pushed oil prices sharply higher. Major crude exports from the Gulf have been disrupted due to near-total paralysis of the Strait of Hormuz and strikes on energy infrastructure. Diesel prices reached record weekly averages last week, surpassing previous peaks recorded after the Russian invasion of Ukraine, according to French government data.
Also read: Brent crude oil tops $105 after US President’s speech
For more videos and updates, check out our YouTube channel
