The European Union expects fuel prices to continue rising this winter, according to European Commissioner for Energy and Housing Dan Jorgensen in comments to Euronews.
He said the main risk stems from the crisis in the Strait of Hormuz, where no quick resolution is in sight. Jorgensen noted that this is increasing the likelihood of further price gains in the coming months.
The commissioner said higher prices are already affecting both ordinary citizens and European companies. In his view, the fuel market is unlikely to improve in the near term.
“Unfortunately, I have to admit that the situation will worsen this winter, because we do not see a quick solution to the crisis in the Strait of Hormuz,” he told Euronews.
Jorgensen also said that even if the strait reopens, it will take time to restore stable supplies. That means pressure on prices could remain even after the crisis begins to ease.
