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Downstream oil in brief: is European fuel duty revenue set to decline?

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20 January 2020

Downstream oil in brief: is European fuel duty revenue set to decline?

Report summary

Fuel duties are levied on purchases of diesel, gasoline and a variety of other fuels. They represent a significant source of government revenue, estimated at just short of EUR 200 billion for the EU countries combined in 2019. The end pump price is primarily driven by the taxes placed on road transport fuels and in most European countries it accounts for over a third of the fuel cost. As the energy transition takes hold, road transport fuel demand is set to decline beyond 2020. This poses a risk to valuable government revenue, and it stands to question how this gap will be filled.

Table of contents

  • How is fuel duty evolving?
  • Why is Romania going against the current trend?
  • What is the outlook for fuel duty revenue?
  • Summary
  • Brent FCC margins hit unsustainable lows as gasoline and middle distillate cracks crashed despite refinery outages offering some price support
  • The eurozone's manufacturing sector contracted for the eleventh consecutive month, impacting diesel demand and retail margins

Tables and charts

This report includes 12 images and tables including:

  • Romania gasoline retail fuel price breakdown 2019
  • Romania diesel retail fuel price breakdown 2019
  • European vs Romanian outlook for road transport fuel demand
  • NWE refining margins
  • NWE gasoline/gasoil crack spreads
  • MED refining margins
  • MED fuel oil crack
  • Gross marketing margins December 2019
  • Romania gasoline gross marketing margins
  • Romania diesel gross marketing margins
  • France gasoline gross marketing margins
  • France diesel gross marketing margins

What's included

This report contains:

  • Document

    Downstream oil in brief: is European fuel duty revenue set to decline?

    PDF 1.12 MB

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