Greenpeace report claims European oil firms earned over €80 million daily in ‘war profits’ following Middle East conflict, urging governments to impose windfall taxes.
PARIS: Oil companies operating in the European Union have been reaping more than €80 million a day in “war profits” since the outbreak of conflict in the Middle East, according to a new study commissioned by Greenpeace.
The report, released on Wednesday, warned that if this level of profit persists, the industry could see an additional €2.5 billion in operating profits for the month of March alone.
Analysts examined the widening gap between crude oil prices and the cost of fuel at the pump, comparing data from January and February 2026 with the first three weeks of the war in March.
Greenpeace stated that the findings reveal a disproportionate surge in retail fuel prices compared to the underlying cost of crude oil.
The study found that profit margin expansion was significantly more pronounced for diesel fuel than for petrol.
Compared to pre-war months, oil companies earned an estimated daily excess profit of €75.3 million from diesel sales to cars and trucks.
An additional €6.1 million per day in excess profits was generated from the sale of petrol, according to the report.
These inflated margins were predominantly observed in high-purchasing-power nations including the Netherlands, Sweden, Denmark, Austria and Germany.
Germany recorded the highest daily excess profits at €23.8 million, followed by France at €11.6 million per day.
Greenpeace France is now urging European governments to implement permanent additional taxes on oil and gas company profits.
The environmental group proposes that the revenue from such taxes be used to reduce consumer energy bills and accelerate Europe’s transition to energy independence.
The current price surge follows strikes launched by the United States and Israel against Iran on February 28, which triggered a regional conflict and sent global oil and gas markets into turmoil.
The conflict has sparked fears of fuel shortages, particularly in import-dependent Asian economies.
In France last week, the price of diesel reached its highest level since 1985, exceeding even the peaks seen after Russia’s invasion of Ukraine in 2022.
Facing mounting public pressure, numerous governments have begun implementing measures to mitigate the impact of supply constraints and soaring energy costs on consumers.
