Risk of fuel prices rising to €3 per liter within months if the situation in Hormuz deteriorates

In Italy, fuel prices risk reaching €3 per liter within a few months if tensions in the Middle East deepen and the Strait of Hormuz remains blocked. The warning was issued by Michele Marsiglia, head of FederPetroli Italia.

It is understood that this would not be an immediate increase, but rather a possible projection if the conflict does not ease. According to Marsiglia, a prolonged crisis could lead to significant destabilization of energy markets.

Brent crude oil has already reached $92–93 per barrel, while gas prices are hovering around €63 per megawatt-hour. The rise in gas prices is seen as the main threat to Italian households and businesses, as its effects will be reflected in October and November bills.

Rising prices are eroding the benefit of the 17-cent excise-tax relief on fuel, a measure that expires on August 25. FederPetroli warns that Italy’s plan to multiply its supply sources could also fail if the conflict in the Middle East spreads further.