ECONOMY

Greece’s Motor Oil posts bigger-than-expected profit drop

Greece’s second-biggest refiner and fuel retailer Motor Oil on Wednesday reported a bigger-than-expected profit fall for 2012, weighed down by low crude prices and weak fuel demand in its crisis-hit home market.

Fuel tax increases imposed by Greece’s cash-strapped government have made the country’s gasoline prices the third-highest in the eurozone, pushing down Motor Oil’s domestic refining sales volumes by 23 percent, the company said.

Lower refining margins and crude prices also hit the bottom line, with net profit sliding to 78.2 million euros, from 143 million euros in 2011.

[Reuters]