Europe Distillates-Diesel refining margins slip

TotalEnergies SE

28/09/2026 17:25

LONDON, Sept 28 (Reuters) - European diesel refining margins fell by more than 5% on Monday as underlying crude oil prices advanced, though prices at the pump hit record highs in some markets. 
Low-sulphur gasoil futures LGOc1 traded at $80.28 a barrel above Brent crude futures LCOc1 by 1614 GMT, $4.32 lower than the previous close.
The price of diesel at the pump in the United Kingdom has hit record highs due to the US-Israeli war on Iran, the RAC motoring body said on Monday.
As well as hitting motorists' pockets, high diesel costs are adding to logistical and transport costs for a vast array of goods because the fuel is widely used in industry and agriculture.
SOCAR will match the price cap adopted by Eni ENI.MI on fuels sold in Italy, sources said on Monday, helping Prime Minister Giorgia Meloni's efforts to tame rising energy costs in the face of global supply disruptions.
Asking not to be named, people familiar with the matter told Reuters SOCAR was capping diesel prices at the pump at €2.19 ($2.49) per litre and petrol at €1.99 per litre. It was not immediately clear when the cap would be introduced.
 
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ICE Low Sulphur Gasoil 
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ICE Low Sulphur Gasoil futures vs Brent futures (per barrel)
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(Reporting by Ahmad Ghaddar
Editing by David Goodman
)
((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net/))