ENERGY

Major hike seen coming in heating oil

major-hike-seen-coming-in-heating-oil

Households in Greece as well as in the rest of Europe are bracing for a difficult winter, after the new rally in global oil rates and the continued hikes in the prices of electricity and natural gas around the world.

Alongside the increase in power bills, Greek households will have to pay almost twice as much for their natural gas and at least an additional 35% for their heating oil.

After the new jump in Brent Crude prices, which is set to grow in the next few days at least, the fuel market in Greece anticipates a 35% annual increase in the retail price of heating oil that will start being sold from October 15.

The market estimates that if the sale of heating oil were to be brought forward to today, its rate would amount to 1.10 euros per liter; last year the season opened with a rate of €0.80/lt and closed at the end of April at €0.90/lt. 

However, these are the rates in Athens and Greece’s other major cities, as outside of them on the mainland heating oil is set to start from €1.20/lt and on the islands from €1.30/lt as things stand with the global market prices.