The price drop will be met with relief by millions of the continent’s truckers, drivers and businesses that rely on diesel.
Europe’s ban on Russia’s diesel arrived painlessly on Sunday. Although the EU cut off its biggest supplier, diesel futures prices in the bloc fell 1.6% on Monday, amounting to a 20% loss over the past two weeks as demand in the region has waned, and efforts by countries to stockpile ahead of the ban have started to pay off. About 96% of trucks, 91% of vans and 42% of passenger cars in the European Union run on the fuel, according to the European Automobile Manufacturers’ Association.
At the pump, the average cost of a liter of diesel in the EU hit €1.80 on January 30, up from €1.60 the same time last year, data from the European Commission shows. Neil Crosby, a senior analyst at OilX, told CNN that “persistently weak demand data” in Europe had helped it “substantially boost its gasoil stocks over the last few months.
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