BUSINESS

Motorists bracing for even higher fuel prices

CHRYSSA LIAGGOU

TAGS: Energy

With fuel prices having already risen more than 10 percent since the start of the year, Greek consumers – who along with the Dutch and the Danes pay the most for gasoline in Europe – will have to prepare for more hikes.

US President Donald Trump’s decision on Monday not to renew Iranian oil import embargo waivers for Greece, Turkey, China, Japan, India and three other countries has sent international crude oil rates to near six-month highs and analysts said on Tuesday that prices could keep climbing. This is expected to have a direct impact on the domestic fuel market.

The retail price of unleaded gasoline in Greece has climbed by 15 cents per liter since January, taking the average rate across the country to 1.637 euros/liter. The new price hikes will burden car owners, increasing the cost of their Easter holidays. The price of unleaded gas is already approaching 2 euros/liter on certain Greek islands.

Notably, over 63 percent of the retail price of fuel in Greece is made up of taxes. The level of taxation in Greece is so high that while this country ranks third among EU states regarding fuel rates with taxes, it is only 10th when it comes to fuel prices excluding tax, according to official data.

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