With high gasoline prices, over 2 euros per liter, tourists are expected to go on this year’s Easter trip, since the situation in the Middle East seems to have already affected the tariffs.
Data from the Price List of the Ministry of Rural Development reveal an increase compared to February, which amounts to 0.15 cents per litre. Specifically, the price of gasoline, which has a continuous upward trend, nationwide last Tuesday was at 1.97 euros, with Greece – price basis – remaining the 2nd most expensive country in Europe in fuel.
What has unfolded in Middle East have affected the Greek concern almost instantly. In fact, the highest average price, according to the ministry’s data, was recorded in the prefecture of Cyclades, with 2.19 euros per liter.
According to data from the Price Observatory of the Ministry of Development, the average price of lead-free nationwide was last Tuesday at 1.97 euros, having already recorded an increase of approximately 0.15 since February and confirming that Greece remains firmly the 2nd most expensive country in Europe . It is followed by the prefecture of Dodecanese with 2.12 euros, the prefecture of Kefallinia with 2.04 euros and the prefecture of Lefkada with 2.04 euros as well. The lowest average price is recorded in the prefecture of Thessaloniki.
Uptrends in oil
Oil prices rose slightly after the US reimposed sanctions on Venezuela’s Maduro government. However, the rise is restrained on the one hand by concerns about this year’s global demand, on the other hand by indications that a wider conflict in the key production region of the Middle East could be avoided. After all, these are also the reasons why yesterday the prices registered a dive of 3%.
Brent futures were up 29 cents, or 0.3%, at $87.58 a barrel, while U.S. crude futures were up 20 cents, or 0.2%, at $82.89 a barrel at 06.13 Greek time.
It is recalled that JP Morgan analysts pointed out in their note that global oil consumption so far in April was 200,000 barrels per day (bpd) below its forecast, an average of 101 million bpd. Year-to-date, demand rose 1.7 million bpd, against its forecast of 2 million bpd.
At the same time, investors appreciate that the Israel will not respond strongly to Iran’s April 13 missile and drone attack.
“Brent has now returned to levels prior to the April 1 attack on the Iranian consulate, suggesting that the latest bout of hedging on heightened Israel-Iran tensions has eased,” said Vandana Hari, founder of the oil market analysis provider Vanda Insights.
Rising U.S. crude inventories are another factor holding back prices. Oil inventories rose 2.7 million barrels to 460 million barrels in the week ended April 12, the Energy Information Administration said, nearly double analysts’ expectations in a Reuters poll of 1.4 million barrels.
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