Greece breaks European records in gasoline price increases

Greece is not only one of the most expensive countries in the EU, in terms of gasoline prices, but also during periods when prices rise in Europe, it also manages to break the record for the height of the increases.

According to official European Commission data, between October 31 and November 7, when an odd European gasoline price rally took place, the largest increases were recorded in Greece. More specifically, the average increase was 0.057 euros per liter compared to October 31, when in the whole of the E.U. of the 27 countries the average increase was €0.013 per litre.

After Greece, Hungary followed with gasoline increasing by 0.05 euros per liter, Denmark (+ 0.041 euros), Sweden (+ 0.035 euros), Luxembourg (+ 0.032 euros), Cyprus (+ 0.022 euros) ) and so on

Thus, in Greece the average price of unleaded on November 7 jumped to 2.094 euros per liter, while according to the latest data from the Liquid Fuel Price Observatory on November 10 it rose even more, to 2.115 euros per liter. And compared to October 31 (2.037 euros per liter) the average increase is 0.078 euros per liter.

The diesel drive

Contrary to the price hikes of gasoline and diesel, prices for the ten-day period (November 7 – October 31) decreased. Based on the data of the European Commission, the average price in the E.U. of the 27 countries decreased by 0.023 euros per liter, and the reduction in the price of diesel in Greece was close to the average (-0.018 euros per liter).

Of course, there were also larger decreases such as in Luxembourg (-0.15 euros per liter), in Belgium (-0.088), in Portugal (-0.062 euros), in the Netherlands (-0.059), in Germany (-0.044 euros per liter) etc.

Causes

This reverse trajectory recorded by the prices of the two fuels in the EU are not attributed to real changes or to a change in oil market data, as at least competent sources explained to OT. According to the same people, gasoline went up at a time when its consumption is falling all over Europe and also in Greece. In fact, in Greece, since last July, demand has decreased by approximately 10% every month compared to the corresponding period last year. So the explanation is probably the speculative games of traders in the fuel stock markets.

As for motor diesel, forecasts, as OT wrote on November 10, are for prices to rise as we approach February, when the embargo on Russian oil will take effect. In fact, next spring it is expected that there will be shortages of diesel on the European market.

The reductions

However, players in the domestic oil market argue that reductions in gasoline prices will be seen starting this week. And indeed refinery prices have been falling since last week. But due to the peculiarity of the Greek market that sees price changes four days later, the reductions at the pump will begin to be reflected in the next few days.

Already the wholesale prices of unleaded gasoline have decreased by 0.029 euros per liter, while those of motor diesel by 0.049 euros per liter.