The Italian government is preparing a decree to curb surging fuel prices, focusing on diesel, after prices climbed sharply in July. Average self-service diesel on national roads reached €2.161 per litre — within seven cents of its all-time high set in March 2022 — while petrol stood at €1.968. On motorways, diesel averaged €2.228 and petrol €2.059 per litre.
Prime Minister Giorgia Meloni and Economy Minister Giancarlo Giorgetti met on July 24 to discuss options, including a potential fifth decree cutting fuel excise duties or activating a sliding-scale excise mechanism to contain further increases.
Global crude markets remain volatile. Brent slipped to $96.40 per barrel on July 24 after briefly topping $100, while disruptions in the Strait of Hormuz and Houthi activity in the Red Sea continue to weigh on supply sentiment.