Brussels: Higher road fuel prices have cost the European Union an estimated €53 billion amid geopolitical disruption, adding an average of €270 million a day to transport costs, according to a report by Transport & Environment (T&E).

Diesel accounted for around €40 billion of the additional cost. Diesel and gasoil account for about 43 percent of the oil products used in the EU by volume, making Europe particularly exposed to high diesel prices.

Road transport accounted for 77 percent of total diesel and gasoil consumption in the EU in 2024. T&E estimates that the average EU diesel car driver paid about €142 more over the period studied than in the comparable period last year.

The report said the conflict in the Middle East and outages at Russian refineries have tightened the supply of refined oil products, widening the gap between already high crude prices and refined products, particularly diesel.