Fuel prices in the Athens metropolitan area have surged past €2 per liter, with unleaded fuel ranging from €2.001 to €2.158 per liter at pumps in suburbs including Kaisariani, Ampelokipoi, Galatsi, Dafni, Agia Paraskevi, Halandri, Maroussi, Argyroupoli and Alimos, according to the competent Price Observatory.
The breach of the €2 threshold comes despite the government’s imposition of a profit margin cap — a measure industry executives say was never designed to contain pump prices. The cap targets the gross profit margins of oil trading companies and fuel retailers, which together account for only around 10% of the final pump price. The remaining 90% is determined by refinery costs — roughly 30% — and excise duty and VAT, which together make up nearly 60%.
Since the outbreak of the war, the average price of unleaded gasoline has risen €0.189 to €1.94 per liter, while diesel has surged €0.346 to €1.916 per liter, up from €1.751 and €1.57 respectively before the conflict.
Petroleum industry executives described the current situation as the worst crisis the oil market has faced, citing the complete uncertainty over tanker transit through the Strait of Hormuz — a chokepoint through which approximately 20% of the world’s oil supply passes.
The escalating prices are bringing fresh relief measures into focus. Speaking at a Bloomberg event on Monday, Prime Minister Kyriakos Mitsotakis left all options open, signaling the possible reintroduction of a Fuel Pass subsidy for households and hinting — for the first time — at a reduction in fuel excise duty, though he conditioned the latter on a coordinated European-level decision.
Source: Tovima.com
