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

Insight 20 January 2020

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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.

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