Brent Surge Pushes Gasoline Prices to 2.36 euros per Liter in Greece

Unleaded gasoline prices are surging across Greece, particularly in popular island and resort spots, while gas stations in the broader Athens region are steadily surpassing the 2 euros per liter mark.

On the islands, as indicated by data from the Fuel Prices Observatory, unleaded gasoline is hitting as high as 2.36 euros per liter, significantly above the national average price of 1.961 euros per liter.

In the Greek fuel market, according to data from the Price Observatory, regular unleaded gasoline has increased by 0.14 euros per liter since the beginning of the year. However, the majority of the increases, approximately 0.11 euros per liter, have occurred since Feb.1.

Petroleum trading company executives anticipate further price hikes as summer approaches, driven by increased fuel demand from heightened road travel.

This rally is partially attributed to rising international crude oil prices. The global oil market remains highly reactive to supply and demand dynamics.

Brent prices surged past 90 dollars per barrel recently, with projections of reaching 100 dollars soon reinstated by analysts.

However, recent US data revealing a significant crude inventory increase and higher-than-expected March inflation countered these gains, causing Brent to drop below 90 dollars per barrel.

Despite this, JPMorgan suggests potential for oil to reach 100 dollars due to unforeseen developments from Russia ahead of the US elections.

Analyst Tony Sycamore from IG emphasizes upward risks, citing factors like US inflation and geopolitical tensions, including potential Ukrainian attacks on Russian oil infrastructure and Iran’s response to events in Syria.

Source: tovima.com