Fuel Prices Rise Due to Middle East War, Used EVs Become Hot Commodity in Europe

The European Union (ANTARA) - Over the past month, global economic attention has been focused on the Middle East, awaiting signs of whether the impact of the war in Iran will begin to affect various markets. Now, the fuel price increases linked to the war are transforming the car market in Europe, with a sharp surge in demand for used electric vehicles as buyers respond to rising fuel costs. Since the war began on 28 February, disruptions in the Strait of Hormuz—a shipping route through which around 20 per cent of global oil supplies pass—have pushed petrol prices up across Europe. The average petrol price in the European Union rose by about 12 per cent from late February to mid-March, reaching around 1.84 euros (approximately Rp36,000) per litre. The Autoweek website, on Thursday (26/3) local time, reported that this increase has quickly influenced buyer behaviour, particularly in the used car market. Online sales platforms across Europe have recorded a surge in interest and sales of electric vehicles, with EVs starting to outperform petrol and diesel models. Aramisauto, a France-based retail company, stated that its electric vehicle sales nearly doubled over a three-week period. At the same time, sales of petrol and diesel vehicles declined. Aramisauto CEO Romain Boscher said this change is primarily driven by price sensitivity. Several platforms in Europe reported similar trends. OLX marketplace operator noted a 50 per cent increase in electric vehicle searches in France, 54 per cent in Portugal, and nearly 40 per cent in Poland and Romania. In Germany, mobile.de reported that searches related to electric vehicles tripled in early March, while enquiries to dealers rose by 66 per cent. Analysts mention that the used electric vehicle segment is particularly well-suited to meet needs when fuel prices spike, as used vehicles are more affordable and available more quickly than new cars, which often have long delivery times.