ECONOMY

Heating oil sale period to be extended to May 15

heating-oil-sale-period-to-be-extended-to-may-15

Responding to increased demand as a result of nosediving global oil prices, the Greek government is planning a legislative amendment that will extend the period during which the sale of heating oil is permitted to May 15 from the customary deadline of April 30.

The measure aims to allow households to fill up their homes’ and apartment buildings’ tanks with cheaper heating oil in preparation for next winter, after prices this week contracted by around 35 percent to 0.78 euros per liter against an annual average of 1.15-1.2 euros per liter.

Both retailers and wholesalers are scrambling to stockpile as much heating oil as possible before prices rebound on the international market, with official figures showing a rise in demand this month compared to April 2019 of 120 percent from wholesalers and 50 percent from retailers.

This spike is also offsetting losses from the 70 percent drop in demand for gasoline and 45 percent for diesel resulting of the coronavirus lockdown.