Vienna, Austria — April 4, 2026
Austrian Finance Minister Markus Marterbauer and four other EU finance ministers are urging the European Commission to implement a temporary excess profit tax on energy companies as fuel prices surge across Europe. The ministers argue that high oil prices, exacerbated by the Iran war, are disproportionately burdening European economies and citizens. In Austria, fuel prices have risen more sharply than in most neighboring countries, with diesel reaching 2.209 euros per liter and super gasoline hitting 1.788 euros per liter on Friday—up from 2.132 euros and 1.748 euros respectively just a day earlier. The Austrian Ministry of Economy has not ruled out introducing speed limits if the situation worsens. A study by the Institute for Advanced Studies (IHS) found that price fluctuations occur at the international market level, not nationally, yet energy companies face accusations of quickly raising prices while delaying reductions when global costs fall. Marterbauer and his counterparts emphasize the need for fair distribution of economic strain, calling for EU-wide measures to curb excessive profits in the energy sector. The proposal comes as drivers and businesses grapple with escalating costs at the pump. The push for an excess profit tax reflects broader concerns over energy market volatility and corporate pricing practices amid geopolitical tensions. Similar debates have emerged in other EU nations, including Germany and Spain.