European fuel prices surge as annual increases exceed 30%

Fuel and lubricant prices for personal vehicles in the European Union saw a significant year-on-year increase of 31.4% in September, according to Eurostat data. This upward trend has accelerated compared to July (16.9%) and August (23.8%).

Several EU member states experienced extreme price hikes exceeding 40%, led by Bulgaria (42.2%), followed by Estonia (40.6%) and Lithuania (40.2%). In contrast, Hungary recorded the lowest annual increase at 6.9%. On a monthly basis, diesel prices rose by an average of 5.9% and gasoline by 6.7% across the EU.

Regional impacts include rising costs in Bosnia and Herzegovina, where diesel prices reached an average of 3.74 KM per liter. In Slovenia, inflation rose to 3.3% in September, driven largely by energy costs, with Brent crude prices increasing by approximately 70% and natural gas by 130%.

In response to economic pressures, the Serbian government has extended a 25% reduction in excise duties on oil derivatives until November 1 to stabilize domestic fuel prices and ease the burden on citizens and the economy.