Saturday April 25, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Heating oil market feels the chill as demand drops 85 pct

By Chryssa Liaggou

There were more than 33,000 applications for heating oil subsidies from the Finance Ministry in the first week of the programs launch, but demand in the market remains exceptionally low compared with last year.

Even though the retail price has ranged between 1.27 and 1.40 euros per liter against expectations for 1.40-1.55 euros/l, thanks to the drop in crude oil prices internationally, demand in November has declined by about 85 percent from the same month of 2011, heating oil traders estimate, after a 90 percent annual decline in October.

This slump in demand has forced about 30 percent of traders to abstain from the process this year or simply stop operating altogether.

A great number of consumers in major cities have decided not to buy any heating oil this winter, while many others had stocked up last April, before the increased special consumption tax came into force. The few who are buying heating oil are in most cases limiting their purchases to 200-300 liters, which means they are charged at a higher rate than when acquiring 1,000 liters or more.

Traders cannot expect the situation to improve, as, besides the combination of the recession and the high retail rates, it depends on the weather. Industry professionals believe that even when temperatures start to drop further after a particularly mild fall, total demand by the end of the season will come in at 55-60 percent lower than last year.

Natural gas users are also reluctant to switch on the central heating, as even though it is 35 percent cheaper than heating oil, it remains prohibitively expensive for many consumers. In contrast, the use of air-conditioning systems to heat homes is gaining ground, along with fireplaces and wood and pellet stoves.

ekathimerini.com , Tuesday November 27, 2012 (22:35)  
Construction material costs slide anew
Navios taps German shipping opportunities
Govt eyes state company reserves
Thessaly stores likely to remain closed on first Sunday of spring sales
Tsipras to see local officials as decree dispute heats up
Prime Minister Alexis Tsipras is due to meet regional governors and mayors in Athens on Saturday in an attempt to defuse a political row that has erupted as a result of the governments deci...
Kotzias talks Cyprus at UN
Foreign Minister Nikos Kotzias informed United Nations Secretary-General Ban-Ki moon on Friday about his positions regarding the removal of Greek and Turkish troops from Cyprus as part of th...
Inside News
TRACK & FIELD
Grabbing the shoes that have gone a long way
Greek Marathon legend Maria Polyzou is calling on everyone to join her in her charity run at the Dusseldorf Marathon on Sunday, April 26, by bidding for her special shoes she will race in an...
BASKETBALL
Printezis sends Olympiakos to the Final Four
A buzzer-beating three-pointer by Giorgos Printezis saw Olympiakos through to the Final Four of the Euroleague, as the Reds defeated Barcelona 71-68 on Thursday to claim the best-of-five qua...
Inside Sports
COMMENTARY
Something is changing on Cyprus
The first round of elections for the leader of the Turkish Cypriots last Sunday did not result in a winner but it showed that many voters support change change on the political scene and e...
EDITORIAL
Harmful talk
Early elections would not serve any purpose for Greece right now, and neither do threats that the government will collapse. It has become abundantly clear that the only solution lies in the ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Tsipras to see local officials as decree dispute heats up
2. Kotzias talks Cyprus at UN
3. Construction material costs slide anew
4. Navios taps German shipping opportunities
5. Govt eyes state company reserves
6. Thessaly stores likely to remain closed on first Sunday of spring sales
more news
Today
This Week
1. Greece offers concessions in talks with creditors
2. EU frustration mounts as Greeks try to sidestep aid process
3. FinMin sources say gov't 'not bluffing' in opposing austerity
4. Varoufakis said to be called gambler, time-waster in meeting
5. Merkel: must prevent Greece running out of cash before deal
6. Eurogroup chief says great urgency to reach deal on Greece
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Greek government's popularity takes a hit as talks drag on
3. Putting off payments led to Q1 budget primary surplus
4. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
5. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
6. Europe's collision course with Greece
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.