Oil today costs much less than the record reached in 2008, yet filling up has become significantly more expensive. The September 24, 2026in Italy, a liter of petrol in self-service mode cost on average 2.15 euroswhile for diesel they needed approx 2.34 euros. A year ago the same fuels cost approximately 1.71 and 1.63 euros per litre: in twelve months, therefore, the price of diesel increased by more than 40%. To try to contain the impact of price increases, Eni has decided to introduce a temporary limit on sales prices on its network: diesel fuel cannot exceed 2.19 euros per liter and petrol 1.99 euros. The provision, designed with the aim of setting a ceiling on petrol and diesel prices along the fuel distribution network, will remain in force for at least 30 days, with the possibility of being extended until the end of the year. At the same initiative Ip was addeda company controlled by Socar, the Azerbaijani energy group, which has extended its system of progressive discounts. Considering the two networks, the measures overall affect around 39% of the almost 22 thousand distributors present in Italy.
To understand the reasons for these prices, however, it is not enough to look at the cost of oil. If oil is far from its historical highs, why have petrol and diesel reached such high prices? The answer lies not only in the cost of crude oil: there are differences between the oil extracted and the fuel that ends up in the tank refineries, transport, international markets, euro-dollar exchange rate and taxes. To understand why today a liter of fuel can cost more than we would expect looking at the price of oil, we must therefore follow the path that leads from the barrel to the dispenser.
Today oil is worth less but we pay more at the pump
To understand what’s happening today, let’s take a step back to July 2008when Brent reached approx 147.5 dollars a barrelits then all-time high. Yet in Italy a liter of petrol cost on average 1.52 euroswhile the diesel stopped at approx 1.36 euros. Today oil is worth much less, but we pay significantly more at the pump. How is this possible?
Part of the answer lies in euro-dollar exchange rate: Crude oil is quoted in dollars and in 2008 the euro was much stronger, reaching around 1.60 dollars compared to the current 1.14. At the same price of oil, therefore, today it costs more for us Europeans to purchase it. Then there is theinflationwhich makes it unfair to directly compare prices from 18 years ago with current ones. Once the different purchasing power has been considered, according to data cited by Unem, the real price of petrol is now almost the same as in 2008: approximately 2 euros per liter versus 1.99 euros; for diesel the difference is greater, approximately 2.10 euros versus 1.97 euros.
But there is another element, even more important, which explains why fuel is so expensive today.
The oil does not end up directly in the tank
The point is that a barrel of oil is not yet a liter of petrol or diesel. Before arriving in the tank, crude oil must be refined, transformed into different products, transported and distributed. Today it is precisely the market for refined products that is under pressure.
In the last 15 years Europe has reduced by approximately 20% your refining capacitywith over 30 refineries closed, and must therefore rely more on imports. Meanwhile, wars and geopolitical tensions have made some international fuel flows more complicated. The result is a market in which the supply of refined products is relatively low compared to demand: according to the estimate cited by Unem, the deficit could reach 4-5 million barrels per day.
Oil may cost less, while diesel can become more expensiveif there is little refined product available on the market. In other words, to understand how much we pay at the pump it is not enough to look at the price of Brent: we must follow the entire path that leads from the barrel to the dispenser.
Why does diesel cost so much?
Diesel is particularly sensitive to what happens along the supply chain, especially when things get complicated refining and transportation. A war, for example, does not necessarily have to interrupt oil extraction to raise the price of diesel: just that makes it more difficult to get fuel where it is needed. A damaged refinery, a blocked port, or a trade route that has become risky can reduce available supply and push up prices. The idea of limiting US diesel exports has also reignited tensions on the markets.
They then affect the price we pay at the pump excise duties and VATin addition to transportation and distribution costs. Excise duties are imposed taxes to a fixed extent on each liter of fuel: unlike the cost of oil, therefore, they do not automatically vary based on the trend of crude oil. VAT, on the other hand, is atax calculated as a percentage and also applies to the component represented by excise duties. This means that when the pre-tax price of fuel increases, the amount of VAT paid by the consumer also increases. The final price is therefore the result of a long chain that starts from oil and passes through refining, transport, the international market and taxation: all it takes is for one of these elements to become more expensive for the bill to reach the distributor.
How much does it cost to fill up a 50 liter tank
So far we have talked about barrels, refineries and international markets, but How much does it really cost to fill up?
Let’s take a tank as a reference 50 litres. With average prices on September 24, 2026, filling it costs approx 108 euros with petrol And 117 euros with diesel. A year ago, when petrol and diesel cost respectively approximately 1.71 and 1.63 euros per litrethe same refueling would have cost approx 86 euros for petrol and 82 euros for diesel.
In twelve months, therefore, the same full has become approximately 22 euros more expensive for petrol and 35 euros more expensive for diesel. And if you travel many kilometers, refueling several times a month, the difference can become hundreds of euros of extra spending over the course of a year.
To understand how much the new prices can have a concrete impact, we can give some examples by taking into consideration cars with tanks of different sizes. On a car with a 50-litre tank, for example, a full tank of petrol, with the new Eni cap of 1.99 euros per litre, would cost 99.50 euros: approximately 8.50 euros less compared to the average price on September 24th. For diesel, with the limit set at 2.19 euros per litre, the cost would instead be 109.50 euros, with a savings of around 7.50 euros.
These are savings which, multiplied by several refuelings, can become significant for those who use the car a lot. However, it should be remembered that, for now, the price cap it was only announced for an initial period of 30 days, with the possibility of an extension until the end of the year: it is therefore not yet possible to consider these prices as definitive for the whole of 2026.
Tips on how to save on fuel
We cannot intervene on the price of oil, but we can do something to lighten the cost of supply. There are basically two paths: pay less for fuel and consume less.
The first is compare distributor prices. Even a difference of a few cents per liter, multiplied by a full tank and all the refuelings for the year, can become a figure that is anything but negligible – and, when possible, choose the self service allows you to avoid the additional cost of service.
Then there’s the way we drive. Sudden acceleration, frequent braking and high speeds increase consumptionwhile smoother driving helps you make better use of every liter of fuel. Even seemingly small details can make a difference: keeping tires at the correct pressure reduces rolling resistance, while traveling with unnecessary weight on board increases the work required of the engine. The same goes for roof racks and roof boxes, which are best removed when not needed, especially if traveling at high speeds.
There is therefore no trick to bring down the price of petrol and diesel, but choose where to refuel and, above all, learn to consume less can significantly reduce how much we spend per kilometer travelled.
