Oil refining margins hit record highs, ECB foresees further rise in October
Refining margins for petroleum have reached unprecedented levels across Portugal and Europe, and ECB analysts predict another peak in October.
The gap between crude oil prices and the cost of refined fuels is at an all-time high, making car-fuel deposits the most expensive they have ever been in Portugal. Similar trends are observed throughout Europe. A July report noted that fuel price changes lag crude movements by one to two months, and new ECB expert input now expects the margins to climb to a fresh historic maximum in October.
Why it matters
Higher refining margins signal rising fuel prices, affecting consumers and the broader European economy.
In this story
refining marginscrude oilfuel pricesECBOctober peakPortugalEuropeenergy market
