A study commissioned by Greenpeace said that oil companies have been making more than 80 million euros a day in “war profits” in the European Union since the start of the war in the Middle East, AFP reports.

“If this level persists, the oil companies can expect additional operating profits of approximately 2.5bn euros ($2.9bn) for the month of March alone,” the study said.

“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.