Gasoline prices continue to rise – Unleaded gasoline exceeds €2

Liquid fuel prices continue their upward trend even after the holidays, as more and more regions join the list of those where the price of unleaded gasoline exceeds 2 euros, while the steady rise in the price of diesel is a cause for concern, as it is linked to the costs of the economy’s manufacturing sectors.

Thus, today the average nationwide price of unleaded gasoline (Liquid Fuel Price Observatory) has risen to 1.967 euros per liter, an increase of 10.4 lepta compared to the corresponding price in early July.

However, as is well known, the average price—especially in island destinations—has been above 2 euros for many days now. There are now 18 prefectures with an average price of 2 euros or more (Aetolia-Acarnania, Grevena, the Dodecanese, Evrytania, Zakynthos, Heraklion, Corfu, Kefalonia, the Cyclades, Laconia, Lasithi, Lesbos, Lefkada, Magnesia, Rethymno, Samos, Phocis, and Chania), while prices at gas stations along national highways have also exceeded the 2-euro threshold. The prefectures of the Cyclades and the Dodecanese continue to lead the way with the highest prices, having long since broken the 2-euro barrier, with average prices of 2.216 euros per liter and 2.125 euros per liter, respectively.

The highest prices are once again found in the islands, such as in Astypalaia (2,250), Kalymnos (2,265), Lipsi (2,290), Sifnos (2,305), Koufonisia and Folegandros (2,320), Symi (2,340), Nisyros (2,349), Santorini and Amorgos (2,350), Patmos (2,355), Schinoussa (2,400), on Milos (2.450), and elsewhere.

In any case, the price of unleaded gasoline has risen above 2 euros in several areas of Attica and Piraeus, as well as on the islands of the Saronic Gulf and in Kythira.

Significant increase in diesel prices

At the same time, diesel prices have been rising steadily in recent weeks, putting further pressure on an already expensive market in terms of the costs of key productive sectors (such as farmers and ranchers, professionals, businesses, and the transportation sector).

The average price of diesel nationwide is now 1.742 euros per liter, which is an increase of nearly 16.3 lepta since early July (+10.3%).

As with unleaded gasoline, the highest average prices for diesel are found in the prefectures of the Cyclades at 1.944 euros per liter and the Dodecanese at 1.858 euros per liter, while prices are also above 1.8 euros in the prefectures of Evrytania, Kefalonia, Lefkada, and Phocis.

The price of the benchmark crude oil stood at around $85 per barrel yesterday, down from nearly $88 last week. We would like to remind you that during the same period last year, retail fuel prices were slightly higher, although crude oil prices were on a steady rise in international markets, reaching as high as $122.

The price hikes do not appear to be over, and today the market expects another small increase in wholesale prices for unleaded gasoline, while diesel is projected to see a significant drop following the upward trend of recent weeks—fluctuations that will be reflected in new orders and will ultimately reach the pump.

Refund of more than 100 euros
Meanwhile, wholesale prices in Europe are trading at higher levels today compared to previous days, having returned to levels above 100 euros per megawatt-hour in most markets.

The Greek market followed suit, and with an increase of 16.63%, it is trading today at 102.78 euros/megawatt-hour, compared to 88.12 euros yesterday and 89.97 euros the day before yesterday.

In any case, yesterday the market price of natural gas (at the Dutch TTF hub) opened at a high of 42.5 euros per megawatt-hour, only to later fall to around 38 euros.

The recent, sharp fluctuations in the gas market (Editor’s note: similar fluctuations were recorded on August 9) are once again attributed to the impending strike by workers at LNG facilities in distant Australia, which is scheduled to begin tomorrow, as negotiations between the parties involved have not yet yielded a resolution.

Once again, it is evident just how fragile the balance is in the energy markets and that the crisis is not yet definitively over, while concerns are now shifting to the coming winter.