Record fuel prices in Europe: Germany and UK fight speculation

The price of diesel in Germany has reached 2 euros per liter, triggering a wave of political demands for tighter controls on fuel companies. Bavaria's Minister-President Markus Söder and Vice-Chancellor and Federal Finance Minister Lars Klingbeil have called for urgent reform of antitrust law to more effectively counteract sharp price hikes at gas stations. However, these proposals are meeting with criticism from some economic experts. Veronika Grimm, a member of the German Council of Economic Experts, has voiced opposition to ideas of introducing state fuel subsidies, arguing that such a solution would be a mistake in the current economic situation.

„Ich bin entsetzt, dass jetzt Tankrabatte diskutiert werden” (I am appalled that fuel rebates are now being discussed) — Veronika Grimm via ZEIT ONLINE

In the United Kingdom, Prime Minister Keir Starmer has announced an uncompromising fight against the practice of profiteering by energy companies. Energy Minister Ed Miliband informed that the UK's Competition and Markets Authority (CMA) has been instructed to strictly monitor retailers to prevent artificial price inflation at the expense of consumers. The British government warned it will not tolerate a situation where companies exploit the oil market shock to increase their margins. The situation is particularly severe in Northern Ireland, where home heating oil costs have more than doubled in a short time.

„Oil price profiteering will not be tolerated” — Ed Miliband via BBC

Control actions have also been taken in France, where supervisory services have so far inspected 630 gas stations for pricing fairness. The inspections revealed irregularities and led to sanctions being imposed on 5 percent of the checked facilities. In response to the global energy crisis, the International Energy Agency intervened, deciding on a coordinated release of vast crude oil resources from strategic reserves to stabilize prices on global markets.

The sharp rise in fuel prices in March 2026 is a direct consequence of the escalation of armed conflict in the Middle East, involving the United States, Israel, and Iran. Attacks on oil infrastructure and transport routes in the Persian Gulf region have disrupted supply chains and caused panic on commodity exchanges. Similar shocks to the fuel market occurred in 2022 following Russia's invasion of Ukraine, which at that time also forced Western countries to interventionally release strategic reserves.

Reaction to the fuel crisis in March 2026: March 11 — Attack on Iran; March 12 — IEA Intervention; March 12 — Controls in France; March 13 — Proposals in Germany