Greek motorists are bracing for another round of fuel-price increases as a sharp rally in global oil markets combines with rising refinery costs and gasoline prices already above €2 a liter.
The average nationwide price of 95-octane unleaded gasoline stood at €2.046 a liter on Monday, including value-added tax, according to Greece’s Ministry of Development. Premium 100-octane gasoline averaged €2.283 a liter, based on data collected from 2,764 filling stations.
The latest retail prices come as international crude markets are moving sharply higher, raising the prospect of additional increases filtering through to Greek consumers. U.S. crude climbed to $90.54 a barrel, gaining $4.78, or 5.57%, while Brent crude, the global benchmark, rose to $95.07 a barrel, up $4.58, or 5.06%.
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The international rally comes at a particularly sensitive time for Greece because domestic refinery prices have already been rising.
Between Aug. 19 and Sept. 1, Hellenic Petroleum’s refinery price for 95-octane unleaded gasoline increased to €1,506.469 per cubic meter from €1,471.077. The €35.392 increase represents a rise of 2.41%, equivalent to roughly 3.54 euro cents a liter before VAT.
A similar move was recorded at Motor Oil, where the refinery price rose to €1,505.380 per cubic meter from €1,469.531, an increase of about 2.44%.
Premium gasoline followed the same trend. Hellenic Petroleum increased its refinery price for 100-octane gasoline to €1,659.506 per cubic meter from €1,624.024, while Motor Oil raised its price to €1,659.364 from €1,623.942.
The escalation of the crisis involving Iran is adding another layer of uncertainty to energy markets and increasing concern over the direction of oil prices.
For Greece, the result is a three-way squeeze. Consumers are already paying more than €2 a liter for regular gasoline, refinery prices have been climbing since mid-August, and global crude prices are now experiencing another strong upward move.
Changes in international oil prices typically take time to work their way through refineries, wholesalers and ultimately filling stations. That means the latest crude rally may not yet be fully reflected in Greek pump prices.
