BUSINESS

Big increase in heating oil subsidy

PROKOPIS HATZINIKOLAOU

TAGS: Finance, Energy

The Finance Ministry announced on Friday that the heating oil subsidy is rising this year to 50 percent of the cost of the fuel, from 15 percent last winter, in response to a claim by the opposition that the subsidy is lower this season.

The data published by the ministry show that recipients of a 250-euro subsidy will have to purchase heating oil worth at least 500 euros, while the previous system forced them to acquire heating oil worth a minimum of 1,600 euros. Therefore households that are unable to acquire large quantities will see a major increase in their subsidy, according to the ministry’s statement.

The data further show that the average handout to households in mountainous areas, which form the top tier of recipients, amounted to 183 euros last year, while this winter it will climb to 250 euros. Those in semi-mountainous regions will also see an increase, from 171 to 200 euros this year.

Notably, the handout for the entire winter season will be paid into the recipients’ bank accounts by December 31. For the next winter period (2020-21), the handout will be distributed in the first 10 days of January 2021 at the latest.

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