Excess Oil Profits in Times of War : An EU-wide snapshot of higher margins on the sale of diesel and petrol since the beginning of the Iran war – publication
maart 30 - april 30
Shortly after the outbreak of the Iran war on 28 February 2026, fuel prices at petrol stations across the EU rose steeply, the analysis ‘Excess Oil Profits in Times of War‘ shows that this increase cannot be explained by higher crude oil prices alone.
In addition, the oil companies significantly widened their profit margins, thereby generating excess profits. During the first three weeks of the war, the average excess profits across all 27 EU member states amounted to €81.4 million per day. The largest share of these excess profits was attributable to diesel fuel. Margins were expanded predominantly in countries with high purchasing power: the Netherlands, Sweden, Denmark, Austria and Germany. At the same time, there were a number of mostly smaller markets in which margins actually shrank. When the higher margins are combined with fuel consumption volumes, the data show that roughly 30 per cent of all EU-wide excess profits in the petrol station market were borne by Germany.
Shortly after the outbreak of the Iran war on 28 February 2026, fuel prices at petrol stations across the EU rose steeply, the analysis ‘Excess Oil Profits in Times of War‘ shows that this increase cannot be explained by higher crude oil prices alone.
In addition, the oil companies significantly widened their profit margins, thereby generating excess profits. During the first three weeks of the war, the average excess profits across all 27 EU member states amounted to €81.4 million per day. The largest share of these excess profits was attributable to diesel fuel. Margins were expanded predominantly in countries with high purchasing power: the Netherlands, Sweden, Denmark, Austria and Germany. At the same time, there were a number of mostly smaller markets in which margins actually shrank. When the higher margins are combined with fuel consumption volumes, the data show that roughly 30 per cent of all EU-wide excess profits in the petrol station market were borne by Germany.
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