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EU states using strategies to confront price hike at gasoline pump – Report

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BELGIUM: As the crisis in Ukraine sends global fuel prices spiraling higher, governments in European Union (EU) member states are scrambling for ways to reduce the economic impact their citizens are feeling at the gasoline pumps.

Prices for gasoline surpassed 2 euros (2.1 U.S. dollars) per litre in most of the 19 Eurozone countries in recent days, according to media reports. The main factor pushing prices higher is supply issues related to the conflict between Russia and Ukraine.

Average gasoline price briefly spiked above 2 euros per litre at the start of the escalation of the conflict in February, but the latest increase is part of a sustained climb in prices amid supply shortages and worries of shortages during summer travel months.

A year ago, the average price for a litre of gasoline in the eurozone was 1.30 euros, and at the start of this year, the price was about 1.55 euros per litre. That means prices have climbed more than 50 per cent over the last year and nearly 30 per cent since the start of 2022.

Higher fuel prices are a major contributor to inflation in the eurozone. In May, consumer prices in the eurozone rose by an average 8.1 per cent, up from a 7.4-per cent increase a month earlier. The rate in May was the highest on record since the creation of the euro currency in 1999. – IANS


Thursday, June 23, 2022 – 01:00

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