On the morning of the 24thof February, the day of the invasion Russia in Ukraine, the price of oil jumped just over $100 per barrel and three weeks later, the price was again below this psychological threshold.
From Tuesday afternoon onwards, international prices for Brent crude oil was consistently below $100 per barrel, and at 11 p.m. it was at $98.5 per barrel, marking a decline of 7.8%.
At the same time, on Thursday, it is announced government interventions to support vulnerable households, as a shield against increased fuel prices. The measure will not be horizontal and will not apply to everyone. It will be introduced Definitely income criteria and probably also asset criteria.
Discount on the pump
The discount will be given at the pump. and will range, according to the information provided, between 10 and 15 cents per liter, with a cap on a specific amount per month. This model will be implemented in France and Germany., but also other countries, but it has a horizontal format and lasts four months.
In Greece, due to the fiscal situation and high public debt, it cannot be horizontal in nature, because it would places a significant burden on the economy and the benefit will not be as great, since those who do not need it as much will also benefit.
This logic was agreed upon yesterday and the head of the Parliament's Budget Office, Fragiskos Koutentakis, who stressed that horizontal support measures for fuel consumption should not be a priority, but should take second place after electricity and heating with gas and oil.
The reductions are delayed
Meanwhile, the long-awaited reduction in retail prices for fuel, has not yet become visible at gas stations. Prices for all types (gasoline and diesel) remained at their historic highs.
However, according to information, barring any unforeseen circumstances, the first significant reductions will be seen on the market starting today. of the order of 10–15 minutes per liter.
Yesterday, average prices reached record levels, specifically:
- Unleaded gasoline at €2.11 per liter, compared to €2.109 on Monday.
- Diesel fuel is priced at €1.997 per liter, compared to €1.991, representing a marginal increase, and
- Heating oil at €1.621 per liter compared to €1.622 per liter, the only type with even a slight decrease.
According to market estimates, fair prices at the pump Unleaded gasoline should be well below €2 per liter and approach €1.9. The drop in diesel and heating oil prices should be even greater, reaching €1.7 per liter and €1.4 per liter, respectively, on average.
Why are they slow to appear at gas stations?
In Greece, pricing is delayed by approximately four days. Given when the decline in prices began in relation to the highs, close to $140 per barrel on March 9, A significant drop in gasoline and diesel prices is expected within the next few days.
From that day until Tuesday, the price of «black gold» fell by almost 26%, which, however, until and on Tuesday night, it hadn't gone through the pumps.
According to data from the Ministry of Development, on the same day, the The average retail price was €1.918 per liter., while on Tuesday it stood at €2.110 per liter, an increase of 10%.
Diesel fuel was €1.650 per liter on Tuesday and €1.997 per liter on Tuesday, marking an increase of 21%.
In heating oil, the increase is in the order of 25%, with the average price standing at €1.621 per liter, while at the beginning of the month was €1.3 per liter.
