The revelation by leading energy consultant Wood Mackenzie predicts that the region could be left with a deficit of up to 50 million tonnes a year of diesel unless there is a large investment in new refineries over the next decade.

Europe currently consumes 200 million tonnes a year of diesel on its roads – a figure set to rise steeply as governments begin to tax diesel at a lower rate than petrol in an effort to encourage drivers to switch over.

Wood Mackenzie believes the European economy will become increasingly dependant on diesel imports but even with planned investment in the Russian refining industry and export refineries in the Middle East geared towards European supply, the additional forecast supply of gas/diesel oil would not be enough to meet its requirements.

"There’s going to be such a shortage that at the moment, there’s no answer to it because there’s just not enough investment being planned to meet Europe’s needs," a Wood Mackenzie spokeperson said.

"There has got to be additional investment not just in Europe, but in the Middle East and Asia Pacific as well."