Oil companies have been making more than €80 million a day in “war profits” in the European Union since the start of the Middle East war, according to a study commissioned by Greenpeace.

The environmental group said on Wednesday that if the trend continues, oil companies can expect additional operating profits of approximately €2,5 billion (€2,9 billion) for March alone.

The study examined the difference between crude oil prices and fuel prices at the pump between January and February 2026, and the first three weeks of the war in March.

The report shows that the rise in prices at the pump is far greater than that of underlying crude oil prices, Greenpeace said in a statement.

The increase in margins was much greater for diesel fuel than for petrol. Compared with the pre-war months, oil companies earned a daily excess profit of €75,3 million from the sale of diesel fuel to cars and trucks. Petrol sales contributed €6,1 million per day.

Margins expanded predominantly in countries with high purchasing power such as the Netherlands, Sweden, Denmark, Austria and Germany, the report said.

In Germany, excess profits stood at €23,8 million per day, followed by France at €11,6 million per day.

Greenpeace France is calling on European governments to introduce permanent additional taxes on the profits of oil and gas companies, with proceeds used to reduce energy bills and accelerate European energy independence.

The United States and Israel launched strikes against Iran on 28 February, triggering a regional conflict that has caused global oil and gas prices to surge and sparked fears of fuel shortages, especially in import-reliant Asia.

Last week, the price of diesel in France hit its highest level since 1985, surpassing the peaks reached after Russia’s invasion of Ukraine in 2022.

Under increasing pressure, many governments have rolled out measures to limit the impact of supply difficulties and soaring energy prices.

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