ING Group: Oil Price Shock Puts Eurozone Households Under Pressure First | from 9028-72-2 Price Impact

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ING Group: Oil Price Shock Puts Eurozone Households Under Pressure First

Published on 2026-03-14

On March 12, economists from ING Group published an article on their official website, pointing out that due to the ongoing tensions in the Middle East and disruptions to shipping in the Strait of Hormuz, fuel prices have risen in various countries, with households in the eurozone bearing the brunt. This will further dampen the already weak consumer confidence in the eurozone and erode households' real purchasing power.

Carsten Brzeski, Head of Macro Research at ING Group, and Franziska Bier, Senior Economist, noted in the article that with the surge in fuel prices, the pressure of filling up a tank of gas for many eurozone households is almost comparable to that during the 2022 energy crisis.

The article highlights that European consumers are currently facing significant pressure at gas stations. Compared to the week before the U.S. and Israel launched military strikes against Iran, the average price per tank of unleaded gasoline has increased by about €4.5 in Italy and by as much as €13 in Germany. The rise in diesel prices is even more pronounced, with increases of about €8.4 in Italy and €21.5 in Germany. Compared to the average levels in 2025, German households are particularly hard hit. Currently, German car owners need to pay an average of about €17 more per tank of unleaded gasoline and about €28 more for diesel.

The article argues that due to the rapidly changing situation, global economic forecasting institutions find it difficult to predict how long the Middle East conflict will last and how long the disruption to shipping in the Strait of Hormuz will persist. However, households in the eurozone, especially those with cars, are the first to feel the impact of rising energy prices, as they are forced to allocate a larger proportion of their income to fuel expenses.

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