Extreme volatility in personal transport fuel and lubricant prices

Over the last two decades, prices of fuel and lubricants for personal transport in the EU have been extremely volatile, with annual inflation rates ranging from -20 % to +20 %. This volatility has recently become very pronounced, with the annual rate of change climbing from a low of -20 % in May 2020 to +23 % in September 2021.

The most recent peak and valley of similar magnitude were recorded a decade ago, with the annual rate of change climbing from a low of -19% in July 2009 to a peak of +20% in March 2010. 

 In September 2021, Luxembourg recorded the highest annual rate of change among the EU countries (+31%). It was closely followed by Romania (+29%) and Slovenia (+29%).  On the other hand, the lowest annual inflation rates were recorded in Ireland (+15%), Italy, Finland and Greece (all +18%).

For more information: 

  • Malta: No price movements registered since the decrease in fuel prices that took place in July 2020. Fuels in Malta are regulated by the government, thus no price movements are to be registered as long as this is not announced by the government. 
  • This information was obtained from the harmonised index of consumer prices (HICP), which is mainly used to measure inflation.  
  • Eurostat dedicated section on the Harmonised Index of Consumer Prices (HICP)
  • Eurostat database on the Harmonised Index of Consumer Prices (HICP)

www.ec.europa.eueurostat