The rally in energy prices has set fire to fuels with drivers – individuals and professionals – but also those who want to buy heating oil now having to put their hand deep in their pocket.
Consumers are now paying 23% more expensive for simple unleaded compared to the beginning of the year, with the average nationwide price having reached 1,768 euros per liter while in January it was 1,437 euros.
In the Cyclades, in fact, drivers have even paid for simple unleaded 95 octane gasoline over 2 euros, at 2,004 euros per liter according to the data of the Price Observatory of the Ministry of Development.
Heating oil soars
But where the increases are really staggering is in heating oil. The international rise in the prices of black gold has launched this year the prices nationwide (according to the market data on November 15) to 1,161 euros per liter from 0.854 in January and 0.794 in mid-November 2020. These are increases of 36% and 46%, respectively. This practically means that in order to fill an apartment building with a tank with 4,000 liters of oil, one will now have to pay 4,644 euros, while last year at such a time the same amount cost 3,176 euros (a difference of about 1,500 euros). In more remote areas and mainly on islands – as again in the Cyclades in fact, the prices of heating oil has reached 1,307 euros per liter. Combined with the gas rally, this winter will seem to be more difficult, at least from an economic point of view in terms of heating.
Diesel fuel on fire
Professionals and others who choose diesel for their travels have seen prices increase in the same period by almost 30% after reaching 1,513 euros per liter (+ 29.6%) from January 4, 2021. In the Cyclades the average In fact, the price has not reached more or less 1.7 euros per liter for diesel.
The increases in LPG have exceeded 31%, breaking the barrier of 1 euro per liter, while comparatively smaller are the increases in unleaded 100 octane gasoline that reach 18% and amount to 1,933 euros per liter.
It is the result of a crude oil rally that has successfully surpassed $ 82 a barrel due to demand and the distortions created by the abrupt opening of the economy in the aftermath of the pandemic.
The increases become more intense as liquid fuels in Greece are charged with Value Added Tax (VAT) but also with excise duty. According to the Ministry of Development, the EFC rate on gasoline and diesel is set at 700 and 410 € / 1,000 lt, respectively from 01/01/2017. VAT from 01-06-2016 amounts to 24%. The Ministry of Development also notes that for heating oil and for a period of 15 October each year until 30 April of the following year, a reduced EFC rate of 280 € / 1,000 lt is set, starting from 15 October 2016. For this reason, consumption is not recorded for these goods from 1 May to 14 October of each year. The EFC coefficient in LPG is set at 430 € / 1,000 kg.
Latest News
The 12 Tourist Traps to Avoid in the Greek Islands
Visit less popular islands for cheaper prices and fewer crowds
German Min. Lemke: «Climate crisis poses immediate threat to our health; well-being»
Europe recorded more days of “extreme heat stress” (with the ‘feels like’ temperature exceeding 46 degrees Celsius) than ever before
OECD: Major Spike in FDIs in Greece over 2021-23 Period
The international organization calculates an average of 6.7 billion USD in Greece over the 2021-2023 period, up from 4.15 billion USD in 2017-2019
How TikTok Lost the War in Washington
Combination of coordinated efforts by its critics and missteps by the company led to the law forcing a sale or ban of the popular app
Greece in the Top European Destinations for Aussies in 2024
This year 16% of surveyed Australians are planning a trip to Greece
Developing the Blue Carbon Economy in Greece
Can Greece make money by protecting its marine environment?
EIB Appoints Greece’s Ioannis Tsakiris as New VP
Ioannis Tsakiris started the new role May 1 after spending 15 years at the European Investment Fund (EIF) and serving as Greece’s Deputy Minister for Development and Investments
Two Greek Beaches in Top 50 in the World
Both Greek beaches were on the list of the best beaches in Europe too
Eurostat: Greece 20th out of 26 European States in Hourly Average Wage
According to figures released by Eurostat, the Benelux Grand Duchy of Luxembourg, one of Europe’s hubs for finance, is in first place
Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations