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Downstream oil in brief: Europe’s taxing love affair with diesel

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15 March 2019

Downstream oil in brief: Europe’s taxing love affair with diesel

Report summary

The price advantage diesel has enjoyed over gasoline for many years in Europe is being steadily eroded. The price differential between these grades has progressively narrowed , reaching a ten-year low in early 2019. Much of this change is being driven by governments across Europe who are progressively increasing the duty on diesel relative to gasoline. Additionally, we expect the IMO bunker fuel specification change in 2020 to exacerbate the situation as it poses an upside risk to diesel pump prices in the coming months. In addition to the government led more away from diesel, there has also been a major shift in consumer preference. Growing concerns around particulate emissions from diesel engines, fuelled by the 'dieselgate' car emissions fraud scandal, have seen diesel car sales in Europe plummet. As such, gasoline and alternatively powered vehicles are filling the gap and gaining popularity.

Table of contents

  • The beginning of the end for retail diesel in Europe?
  • What role does changing biofuel legislation have to play?
  • Is this the end of Europe’s love affair with the diesel car?
  • An oil change for Belgium: diesel is out, gasoline and biofuels are in
  • The IMO impact: stormy seas ahead for diesel pump prices
    • Refining margins
    • Fuels marketingmargins

Tables and charts

This report includes 14 images and tables including:

  • Diesel pump price advantage*
  • Diesel duty change
  • Belgium retail pump price
  • Belgium new car registrations
  • MED gasoline/gasoil crack spreads
  • MED refining margins
  • NWE gasoline/gasoil crack spreads
  • NWE refining margins
  • Weighted average gross margins
  • France gross margins
  • Spain gross margins
  • Germany gross margins
  • UK gross margins
  • Recent M&A transactions

What's included

This report contains:

  • Document

    Refining Margins.xls

    XLS 308.00 KB

  • Document

    Downstream oil in brief: Europe’s taxing love affair with diesel

    PDF 937.28 KB

  • Document

    Downstream oil in brief: Europe’s taxing love affair with diesel

    ZIP 950.64 KB

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