Greece’s emergency fuel-subsidy program has delivered only modest relief to consumers in its first week, with gasoline prices edging lower while diesel and heating-oil costs remain stubbornly high despite government intervention.
The measures, introduced in cooperation with the country's oil refiners, provide subsidies and discounts of up to 40 European cents a liter through Oct. 31, as Athens seeks to cushion households and businesses from elevated energy costs.
Initial figures from Greece's market-monitoring authority, DIMEA, show that average gasoline prices fell 1.18% between Oct. 15 and Oct. 21, while diesel prices increased slightly.
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Regular unleaded gasoline declined to €2.176 a liter from €2.202, a reduction of 2.6 cents, substantially less than the 10-cent government subsidy introduced Oct. 17.
Diesel prices, meanwhile, edged up to €2.125 from €2.122 a liter, despite a combined 20-cent intervention comprising a 15-cent government subsidy and a five-cent refinery discount.
Heating oil showed similarly limited movement, declining to €1.560 from €1.564 a liter, even as consumers became eligible for 40 cents in combined support, split equally between the government and refiners.
The figures highlight the difficulty of translating fuel subsidies into immediate reductions at the pump, particularly when wholesale prices and broader market conditions are changing simultaneously.
The data don't establish whether subsidies have been fully passed on to consumers, because underlying fuel costs may have moved independently of the government measures.
Refinery price lists provide a somewhat more encouraging picture for gasoline.
Between Oct. 15 and Oct. 22, wholesale gasoline prices fell approximately 8.6 cents a liter at Hellenic Petroleum and 8.2 cents at Motor Oil, excluding value-added tax.
Diesel and heating-oil prices recorded much smaller wholesale declines, of roughly one cent and 1.2 cents a liter, respectively.
The sharper reduction in refinery gasoline prices could create room for further retail declines if lower costs work their way through the distribution network. Regional disparities, however, remain pronounced.
In the Cyclades, a popular Greek island destination, gasoline averaged €2.433 a liter, compared with €2.146 in Athens and €2.152 in Thessaloniki, Greece's second-largest city. Diesel in the Cyclades reached €2.351 a liter, while heating oil stood at €1.706.
