Brussels alert for high prices of diesel and aviation fuel

“ O Oil Coordination Group met again today to take stock of the current oil market situation. The EU’s supply remains stable for the time being – although the prices of diesel and aviation fuel remain high, reflecting the supply shortage on the world market,” the EU executive said.

Brussels noted that this pressure is also reflected in the commercial stocks of the Amsterdam-Rotterdam-Antwerp pole, which are “below its average of five years”, although they have shown stability in recent weeks.

“ European refineries are operating close to maximum capacity and responding well to market signals,” he said.

In view of the possibility of further market disturbances, the Community executive said that he will “continue to monitor the situation very closely in cooperation with the Member States”.

The most recent Eurostat data indicate, however, that the EU emergency reserves “continue at high levels and are available in the event of market disturbance,” reads the press release.

At the meeting, “several Member States presented the measures they are taking to alleviate the burden of prices”, especially for vulnerable consumers, according to the statement, which does not specify which ones.

Fuel price developments occur in a context of high instability in international energy markets, with the EU particularly exposed to fossil fuel price fluctuations due to its import dependence.

The next meeting of the Oil Coordination Group, in the format that includes industry representatives, is scheduled for October 15.

The European Commission has, however, advanced to be prepared to convene an additional meeting before that date “if the situation so requires”.