High fuel prices

Diesel fuel, historical record broken in three regions

The Meloni government's cut in excise duties (-24.4 cents per litre), extended until 1 May, tries to stem the rise in fuel prices, which, however, continues due to the cost of crude oil

by Lorenzo Pace

2' min read

Translated by AI
Versione italiana

2' min read

Translated by AI
Versione italiana

With the continuing blockade of the Strait of Hormuz, it was a matter of days. Diesel prices exceeded all-time highs in three Italian territories: Calabria, Lombardy and South Tyrol.

A critical threshold, which had not been touched since March 2022, with the war in Ukraine. And that soon, if this continues, it will be reached and exceeded in the other Italian regions as well.

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The 2022 record broken

The previous record was 14 March 2022: on average, a litre of diesel cost EUR 2.154 in Italy. It was the only week (between 14 and 22 March 2022) with the price above 2.1 euro per litre: then the excise cut (of 30.5 cents per litre) promoted by the Draghi government was triggered, with diesel prices also falling below two euro.

Calabria in the lead

The record value, today, was exceeded in Calabria, Lombardy, and the Province of Bolzano, according to surveys conducted by the Ministry of Enterprise and Industry. The southern region is the one with the most expensive diesel, at 2.169 euro per litre. This is followed by Lombardy and Bolzano with 2.157 euro per litre.

A matter of a few cents, however. Throughout Italy, diesel prices exceed 2.1 euro per litre.

Excise duty cut until 1 May, but ever more expensive oil

The Meloni government's excise tax cut (-24.4 cents per litre), extended until 1 May (it would have expired next Tuesday), will try to stem the progressive increase in fuel prices. The problem is that what costs more and more is oil (Brent): its quotations are stable above 100 dollars a barrel (last Friday it closed at 109 dollars a barrel).

The solution is the liberation of the Strait of Hormuz, precisely what Prime Minister Giorgia Meloni emphasised during her talks in the Gulf countries in recent days. And that is what Trump is aiming at (despite the fact that the US is practically for oil), forcibly demanding the reopening of the stretch of sea to Iran.

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