The official sales period for heating oil began on Monday in Greece, with prices averaging out at 1.14 euros per liter – 20.7 percent higher than the average rate a year earlier.
The market expects prices to remain at high levels throughout this winter as there are no clear indications of any significant decline in crude prices, while taxation on the commodity in Greece remains high, accounting for 48 percent of the product’s retail price – which represents a clear incentive for smuggling.
Official data from the Economy Ministry showed an average price of 94.4 euros/lt in October 2017 and 1.025 euros/lt in April 2018. The profit margin for trading companies remains unchanged at 0.065 euros/lt on average.
Retailers report zero orders for the fuel so far, after sales posted a mammoth decline of 62.4 percent in the period from 2008 to 2017.