Italy faces record fuel price surge as Hormuz tensions lift gasoline and diesel costs

After the re‑escalation of tensions in the Strait of Hormuz, Italy’s fuel market has seen a sharp rise in retail prices. By late July 2024 the average self‑service gasoline price reached about €1.95 per litre and diesel topped €2.10 per litre, up 14‑18 % since February. Regional price gaps are evident, with the province of Bolzano and Sicily among the most expensive areas.

Industry and consumer groups estimate that the higher prices will cost Italian households and businesses between €4.5 billion and €5 billion from March to July 2024. The Confesercenti association warns of an additional €700 million‑€1.1 billion burden in July alone, while the CNA, CLAAI and CGIA project extra costs of €0.8‑€1.1 billion for the first half of the month. The government’s Ministry of Enterprises, Transport and Tourism has launched the “Osservaprezzi Carburanti” app to help drivers locate the cheapest pumps, and political debate is intensifying over possible tax cuts or other interventions to curb the surge.

The price spike is linked to the broader Middle‑East energy shock, with Brent crude repeatedly breaking the $100‑per‑barrel threshold, amplifying the impact on Italian consumers during the peak summer travel season.