Soaring Fuel Costs: EU Drivers Face €220 Annual Hike Amid Iran Crisis
Experts warn European drivers will pay an extra €220 per year at the pumps due to the Iran conflict, with oil prices hitting $100 a barrel. Savings for electric vehicle owners grow.
Soaring Fuel Costs: European drivers are facing a steep increase in their annual fuel expenses due to the ongoing tensions in Iran, according to industry analysts. With oil prices reaching the $100 per barrel mark, motorists in the EU can expect to pay an additional €220 (£190) per year at the pumps.
The findings, reported by researchers at the Transport & Environment (T&E) thinktank, come as a direct result of the surge in oil prices caused by the war in Iran. A sustained oil price of $100 a barrel would mean that European drivers collectively pay an extra €55 billion over the course of a year, the equivalent of €220 per driver on average.
Bigger Burden for High-Mileage Drivers: The impact is even more pronounced for those who drive longer distances, as they will face even more substantial increases in their fuel costs. The assessment was made by comparing data from 2022, when Russia's invasion of Ukraine pushed the oil price to the $100 mark, with data from the more stable 2017-2019 period.
Source: The Guardian
