Gasoline prices: after a surge, a pullback follows

Greece holds a nasty lead in the latest ten-day price rally recorded in EU. According to official data from the European Commission, Greece ranked first in terms of unleaded gasoline price increases between October 31 and November 7.

During the strange… European race to increase gasoline prices, Greece recorded the biggest figure. In particular, the average increase in prices amounted to 0.057 euros per liter compared to 31 October, when the average for the EU-27 as a whole was 0.013 euros per liter.

In contrast to the rise in gasoline prices, diesel prices declined over the aforementioned ten-day period. According to the European Commission, the average price in the EU-27 fell by 0.023 euros per liter, while the decline in the price of diesel in Greece was close to the average (-0.018 euros per liter).

The opposite trend recorded in the prices of these two fuels in the EU is not explained by actual changes or changes in the oil market data, at least this is how they explained “NEA” competent sources. According to the same people, the price of gasoline in Greece has risen at a time when its consumption is declining throughout Europe and in Greece. In our country, in fact, since July last year, demand has been falling by about 10% every month, compared to the same period last year. So the explanation is probably to be found in the speculative games of traders in the fuel stock markets.

However, players in the domestic oil market claim that starting from this week there will be a decrease in gasoline prices. Indeed, oil product prices have been falling since last week. But due to the peculiarity of the Greek market – setting prices with a four-day delay – the decline in prices at gas stations will begin to be reflected in the next few days.

The average price of unleaded petrol in Greece, according to the latest liquid fuel price survey, was 2.115 euros per liter on 10 November. And compared to October 31 (2.037 euros per liter), the average increase is 0.078 euros per liter. The price of diesel fuel was 2.095 euros per liter compared to 2.109 euros per liter at the end of last month. A decrease of 0.014 euros per liter was recorded. Thus, after many months, diesel fuel becomes cheaper than unleaded fuel.

Greece, however, continues to be one of the most expensive countries for gasoline. In fact, it takes the second place with the highest price. On November 7, according to the latest available data from the European Commission’s Directorate-General for Energy, unleaded gasoline in our country cost 2.094 euros per liter, with Denmark in first place – 2.115 euros. The four expensive gasolines are closed by Finland, which ranks third with a price of 2.046 euros per liter, the Netherlands is in fourth place with a price of 2.029 euros per liter.

Greece’s first place in the price of gasoline is explained by the high taxation of this product. Taxes are 54% of its final price.

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