The prices of unleaded gasoline on the islands and other holiday areas hit “red”. But also in Attica, gas stations are gradually selling unleaded fuel at prices above 2 euros per liter.
And on the islands, as can be seen from the data of the Liquid Fuel Price Observatory published by OT, unleaded oil even reaches 2.36 euros per liter. When the average nationwide price of gasoline is 1,961 euros per liter. The big “scissors” are attributed to the well-known pathologies of the Greek market: High transport costs, a small number of oil trading companies and gas stations on the islands, etc.
The rise
In the Greek fuel market, as shown by the data of the Price Observatory, unleaded gasoline has increased since the beginning of the year by 0.14 euros per liter.
It was at 1,821 euros on January 2. However, the largest part of the increases of around 0.11 euros per liter has been recorded since February 1st.
Unleaded in the domestic fuel market seems to be following the upward trend of Brent’s path, as also shown by the OT chart.
Petroleum trading companies
According to executives of oil trading companies, the rally in the domestic market is attributed on the one hand to the upward race in international crude oil prices.
Also, the same sources estimate that the increases will continue as we approach the summer season and the demand for fuel rises due to more road movements that take place this
The image in international markets
The oil market is still extremely vulnerable to any news that shakes both the supply and demand side.
Brent prices last week soared above $90 a barrel with many analysts revising their forecast for a rise to $95 and even $100 in the coming months.
Yesterday, however, data released in the United States on a large crude stockpile build and the announcement that March inflation was higher than forecast offset gains from geopolitical tensions.
This resulted in Brent falling after days below $90 a barrel.
U.S. commercial crude oil inventories, which exclude strategic oil reserves, rose by 5.8 million barrels last week, according to the Energy Information Administration.
Brent at $100
According to JPMorgan, however, oil could rise to almost $100 a barrel due to “unpleasant surprises” from Russia ahead of the US election.
Since the start of the week, oil prices have fallen more than 1% as investors rushed to capitalize on gains after last week’s rally. U.S. crude and the global benchmark have risen nearly 20 percent and 17 percent, respectively, this year as geopolitical tensions rise amid a tightening of the global crude market.
However, all risks remain to the upside, Tony Sycamore, market analyst at IG, told Reuters.
“Anything is more than enough to reignite the uptrend, from US inflation to another Ukrainian attack on Russian oil infrastructure and Iran’s response to the death of two of its generals in an Israeli strike in Syria last week.” he said characteristically.
Already the US energy agency has announced that it expects Brent crude oil prices to average $88.55 a barrel in 2024, up from a previous forecast of $87 a barrel.
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