BUSINESS

Fuel prices soar on back of tax and global oil rate hikes

CHRYSSA LIAGGOU

TAGS: Energy, Taxation

The increase in the special consumption tax on fuel and the rise in global oil rates have sent the retail prices of gasoline and diesel soaring over the last few days.

As of January 1, the tax rise has taken the average rate of unleaded gasoline to 1.56 euros per liter, from 1.52 euros/lt a day earlier. Diesel jumped from 1.18 euros/lt to 1.28/lt, while autogas rose from 0.72 euros/lt to 0.81 euros/lt.

International oil rates soared from $30 per barrel in early 2016 to $46 in November 2016, and since the oil-producing countries’ OPEC cartel announced an output reduction it has risen to $56.

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