Gas station closures are set for an increase

About 1,000 gas stations are expected to close down in the next couple of months across Greece due to cash problems now that the period of heating oil has ended.

Market sources confirm that Gallon Oil has suspended operations, while Dracoil recently had to sell a significant number of stations to rival Revoil.

Since the start of the country?s financial crisis, some 1,100 gas stations have closed down permanently, while from the start of the year about 15 percent of stations have been operating on and off. For some days each week they are left without fuel because they do not have the cash readily available to pay their suppliers.

A possible close-down of that many more stations will have a knock-on effect on fuel trading companies and even the refineries, which are also set to suffer due to stations? unpaid debts to them.