BUSINESS

Fuel prices rise but demand keeps dropping

CHRYSSA LIAGGOU

TAGS: Energy, Economy

Greece is among the top 10 countries with the most expensive gasoline in the world, due to its high taxation, with domestic demand in constant decline.

Data collected by the GlobalPetrolPrices.com website show Greece shares sixth spot on the list with Italy, ranking fifth among European countries.

According to the Energy Ministry’s Liquid Fuel Observatory, the average price of gasoline came to 1.547 euros per liter on Monday, up from 1.538 euros/lt on January 1, as global oil prices are on the rise. Diesel rose to 1.322 from 1.308 euros/lt, and heating oil climbed to 1.015 from 0.996 euros/lt.

The market attributed the slump in demand in December and the first half of January to high prices and the reduction of the heating oil subsidy by half, despite the low temperatures: Last month demand for heating oil dropped 30 percent year-on-year and in the period from January 1 to 15 it fell 39 percent.

December’s fuel sales figures sent those for 2017 as a whole into negative territory, as the 4 percent and 29 percent declines in demand for gasoline and diesel respectively last month led to last year ending with a 0.5 percent drop in gasoline sales and a 3 percent decrease for diesel. Demand for fuel has fallen 43 percent in the last eight years.

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