ECONOMY

Fuel stations take their time adjusting to lower oil prices

As most drivers have already noticed, when global gasoline prices go up, the local market is quick to adjust its own; when they come down, however, the reaction tends to be much slower.

This was confirmed by a Bank of Greece study presented on Tuesday that covered the period from 2005 to 2012.

The study pointed to a business strategy whereby gas stations seek to increase their profit margins at the expense of consumers, as they delay lowering rates when global oil prices are reduced while upping their rates as soon as the cost of a barrel of oil rises.