Diesel prices hit record high in Finland amid Mideast conflict

The average price for diesel increased by 54.7 per cent in October 2026 compared to the stipulated month of the previous year, according to Statistics Finland.

Statistics Finland said on Friday that the average retail price of diesel surpassed the previous record set in June 2022.

The prices of liquid fuels also increased in October this year compared to the last month.

The average price with taxes of diesel was EUR 2.5 per litre in October while the price of petrol 95 was EUR 2.3 per litre. The equivalent average price of petrol 98 was EUR 2.4 and light fuel oil EUR 2.0 per litre.

The annual increase of the average price for petrol 95 was 33.3 per cent and petrol 98 was 31.5 per cent while the annual change of the average price for light fuel oil was 70.0 per cent.

The monthly increase of diesel was highest among liquid fuels (2.5%) and the monthly increase of light fuel was lowest (1.0%).

News agency Xinhua adds: The conflict in the Middle East, which began with airstrikes by the United States and Israel on Iran in late February, has disrupted oil shipments through the Strait of Hormuz, a vital route for global energy trade.

Kristiina Nieminen, a senior statistician at Statistics Finland, said that oil continues to reach global markets despite the conflict, but transport-related uncertainty is affecting supplies and driving up consumer prices.

Citing the International Energy Agency (IEA), Nieminen said the global oil market is expected to remain in deficit through the end of 2026. Meanwhile, shortages of middle distillates, including diesel, could persist well into 2027.

Further price pressures could also emerge as winter approaches. Hanna Kalenoja, a transport expert at the Finland Chamber of Commerce, told national broadcaster Yle that demand for diesel and heating oil would increase with the start of the heating season.

The surge in diesel prices is also raising concerns about broader economic consequences. Ville Kaitila, a senior researcher at the Finnish economic research institute Etla, told Yle that commercial transport prices have already begun to rise.

He warned that higher transport costs could eventually feed inflation, increase wage pressures, weaken Finland's cost competitiveness and affect exports.

In September, the average price with taxes for diesel was EUR 2.4 and petrol 95 was EUR 2.3 per litre.

The equivalent average price for petrol 98 was EUR 2.4 and for light fuel oil EUR 2.0.