Market analysts speak of a cost of 1.10 euros per liter in urban centers (Athens and Thessaloniki). Correspondingly, on an island of the Cyclades, where transport costs are at an average level – not too high, but not too cheap either – the price of heating oil would be 1.26 euros per liter. There are, however, some islands where the price would vary below 1.26 euros per liter, while in others it would exceed 1.30 euros per liter.
It is noted that in October 2018 heating oil “premiered” with 1.134 euros per liter in Athens and 1.131 euros per liter in Thessaloniki. Accordingly, in October 2019 its price was 1.016 euros per liter in Athens and 1.028 euros per liter in Thessaloniki. Shortly before the second lockdown, in October 2020, prices had fallen steeply, reaching 0.776 euros per liter in Athens and Thessaloniki.
The refineries
Competent market operators, however, clarify that the estimates for this year’s prices are valid based on today’s data, that is, taking into account the prices that apply today, the existing geopolitical conditions, etc. However, the refineries are the ones that will – to a large extent – determine the price of heating oil, and in fact a few hours before October 15, 2024, when it begins to be sold.
It is possible that the large energy groups will make discounts to oil trading companies, as they have done in the past. Development that will contribute to shaping the price at low levels for the benefit of the consumer. In addition, the government is expected to grant a heating allowance to special groups of the population, as it did last year.
Hats…
In general, in addition to the value of the product (refinery price), the final price of heating oil, i.e. the one that reaches the consumer, depends on a number of other factors. Specifically, from taxes and duties (special levy of 1.2%, RAE, DETE, EFK), from the profit margin: of the company, the gas station owner and the transporter, as well as from the VAT (on the majority of the islands the VAT is 24% , but in Leros, Lesbos, Kos, Samos and Chios it is 17%).
It is recalled that last year the distribution of heating oil started in mid-October, as usual, and specifically on 13/10, with its average cost, nationwide, at 1.393 euros per liter. In Attica it amounted to 1.365 euros per liter and in Thessaloniki to 1.385 euros per liter.
Brent steady below 80 dollars
It is indicated that Brent, one of the main factors in the downward trend observed in motor fuel prices, has been stable since the end of August below 80 dollars per barrel. In the last few days it has been hovering around 74-75 dollars per barrel, while on 10/9 it had reached below 70 dollars per barrel. And these, while in the last 10 days in September 2023 the cost of Brent was at the level of 94-95 dollars per barrel.
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