After a month of war, prices in Switzerland have risen by between 10 and 22 per cent
Keystone-SDA
Fuel prices in Switzerland are already being affected by the conflict in Iran, with the price of diesel rising by 22% to CHF2.13 per litre.
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Unleaded 95 petrol rose by 11% to CHF1.82 and unleaded 98 petrol rose by 10% from CHF1.77 to CHF1.95, according to the Touring Club Schweiz (TCS), which monitored price developments at petrol stations in Switzerland.
The analysis involved 3,500 petrol stations between February 28 and March 28. However, the data is based on user data and has not been verified. According to TCS, “thanks to the collective intelligence and broad coverage, this data nevertheless represents a realistic indicator of the current price development at Swiss petrol stations.”
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Switzerland faces a steep energy bill due to the Middle East conflict
The global rise in oil prices due to the Middle East conflict could cost Switzerland nearly CHF5 billion ($6.3 billion) per year in additional energy costs, one researcher told Swissinfo.ch.
This estimate from Cyril Brunner, a researcher at the Swiss federal technology institute ETH Zurich, is based on prices of petrol, diesel, heating oil, kerosene and natural gas remaining at their March 23 levels for a full year.
On average, this would correspond to CHF1,200 per household, Brunner estimates.
Tourism squeeze
The State Secretariat for Economic Affairs (SECO) has lowered its 2026 gross domestic product (GDP) growth forecast from 1.1% in December to 1% due to the conflict in the Middle East.
Rising energy prices are “dampening the international economic outlook and is expected to result in higher inflation rates” SECO experts have warned.
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Switzerland lowers 2026 growth forecast due to Middle East conflict
The Swiss tourism industry is also already feeling the squeeze ahead of the summer season. Guests from the Middle East are particularly affected, but also from India and China.
“April and May will be difficult months for us, as we usually host many guests from the Arab and Asian regions during this time,” Stefan Grossniklaus, owner of the Hotel Aspen in Grindelwald, told Swiss public broadcaster SRF.
“Guests are putting us off and saying they want to come when it’s possible again,” he added. “If the war continues for longer and affects the summer peak season then our losses will be massive.”
Daniel Sulzer, Director of Interlaken Tourism, says the tourism hotspot in central Switzerland saw a 10% drop in visitors, especially from India and China.
Jungfrau Railways, which operates popular tours to the Jungfraujoch, is contemplating cost savings and a hiring freeze, but not yet job cuts.
Swiss banks in demand
A significant drop in Middle East flights is costing Geneva airport some CHF450,000 per week in landing fees and passenger fees, according to its operating company.
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Swiss banks prepare for Gulf clients
Switzerland’s busiest airport, Zurich, appears less affected by the Middle East conflict, according to preliminary data. Official March traffic figures will be released on April 14.
However, the ongoing war has sparked a renewed interest in Switzerland as a financial centre. Some clients are transferring funds, or even considering relocating in a search for economic and financial stability, according to Swiss public broadcaster RTS.
“We are not in a panic in the Emirates or Dubai, but we are clearly in a period of observation. Many wealthy people are re-evaluating their future residences,” said Geneva-based financier Lorenzo Romano.
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Where Switzerland stands on the Iran war
Translated from German by AI/mga
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