Diesel prices could remain high until 2027, EU seeks ways to boost production

Brussels, 28 October (Czech News Agency correspondent) - The global diesel market could remain tight for much of 2027, keeping prices high. European Commissioner for Energy Dan Jørgensen said this today in Brussels, citing the International Energy Agency (IEA). In response, the European Commission today launched a dialogue with refineries, with which it wants to discuss, among other things, ways to increase fuel production in Europe.

"As a result of geopolitical tensions, Europe is facing another energy crisis, similar to the one in 2022 following Russia's invasion of Ukraine. Global prices for oil and petroleum products have risen significantly, and fuel costs in the EU are climbing sharply," Jørgensen said.

According to him, this "places a considerable burden on our businesses and households." Despite the difficult situation, however, markets have shown "remarkable resilience" in recent months. Refineries have played a crucial role in ensuring supplies by producing the fuels the market needs, including aviation fuel.

The Commission now wants to work with refineries to find ways to ensure reliable and affordable fuel supplies for citizens, businesses and defence. "We will seek to increase production at European refineries. The industry has put forward several proposals that we need to assess. Ultimately, we need to bring fuel prices down," Jørgensen told journalists.

Today's meeting was only the first step, he said. Work will now continue at the technical level, and further talks will take place early next year. The dialogue is also expected to address the future of refineries in Europe.