War on price rises

Fuels, the emergency in the EU. What is happening in Germany, France and Greece

Soaring fuel prices due to the war in the Middle East puts the EU in crisis

by Letizia Giostra

12 March 2026

3' min read

Translated by AI

Versione italiana

Key points

In Greece minimum cap on fuel and supermarket products for three months

3' min read

Translated by AI

Versione italiana

Seeking quick solutions to combat the cost of petrol. Each EU country tries to combat rising prices by adopting different paths. In the meantime, Prime Minister Giorgia Meloni participated from Palazzo Chigi in the videocall with the G7 leaders. On the agenda, the economic consequences of the war in Iran with a focus on the energy situation.

"Today we are finalising the calculation of the amount of a common solidarity quota, which should be around 400 million barrels of oil equivalent," was the answer given by Environment and Energy Security Minister Gilberto Pichetto Fratin during question time in the Chamber of Deputies.

Germany draws on its reserves

Unlocking 12% of their strategic oil reserves. This is the path taken by Germany, followed by Austria. This was announced by Economy Minister Katherina Reiche, explaining that the International Energy Agency has asked its member states to release 'oil reserves of up to 400 million barrels, or just over 54 million tonnes'.

According to a ministry spokesman, Germany's total reserves currently amount to 19.5 million tonnes. Furthermore, the federal government reassures that petrol stations will only be able to increase prices once a day, while price reductions will be possible at any time.

Carburanti, Meloni: pronti a tassare aziende che speculano

In France, it's fighting speculation

Rain of controls on fuel operators. Out of 513 service stations checked as part of the plan implemented by the French government, 5% of the establishments were fined for anomalies in the display of prices. Penalties ranging between 3,000 and 5,000 euros. And in the event of a repeat offence, the amount doubles and, if 'bad faith' is added, the bill can reach €300,000.

There is also alarm in France over fuel costs, with diesel rising by up to EUR 2 per litre due to refining costs, as French Economy Minister Roland Lescure explained on the sidelines of the energy ministers' meeting in Paris. And then the recommendation to change petrol stations if the reported price is 2 euros.

Hungary, no to export

Ban on the export of oil, petrol and diesel. The Hungarian government's decision comes two days after Prime Minister Viktor Orban's announcement to place a cap on fuel prices "for all Hungarian households and businesses", freezing the price of petrol and diesel at 595 and 615 forints respectively.

This is something to which Gabor Egri, president of the association of small petrol stations, which are independent of the big companies, reacts. According to the category, the reserves will last for a few months at most, the manoeuvre being very similar to the one implemented in 2021 and which emptied the service stations. "After that we will all close down," is his prediction. The Mol oil company ensures supply in the country for everyone, but the knot remains over the lack of Russian oil through the Druzhba pipeline, which is kept closed in Ukraine, for which a Hungarian delegation is on its way.

In Greece fuel and supermarket product price cap for three months

Greek Prime Minister Kyriakos Mitsotakis' solution is to impose a cap on profit, fuel and supermarket products for a period of three months. "We are on the alert for further repercussions of the crisis," the premier's words during a meeting with the president of the Hellenic Republic, Konstantinos Tasoulas, whose prayer is to curb speculation.

And it is neighbouring Macedonia that goes against the current, not declaring a state of crisis despite fears of new inflationary pressures. For Prime Minister Hristijan Mickoski, the country still maintains fuel prices among the lowest in the region. The Macedonian government's forecast is for inflation to remain between two and three per cent in 2026.