A significant drop of as much as 11% has taken place over the past two months in the price of petrol, providing relief to households at a time when inflationary pressures are squeezing disposable income across Europe.
The cost of fuel in Greece has even decreased more than the average in the European Union, which means that our country has more effectively assimilated the decline in the price of oil in the international energy markets compared to other markets in the Old Epirus.
Lowering the cost of petrol is important for the economy as it has a wider deflationary effect, given that it reduces the costs of commercial travel and transport in the supply chain, which helps to contain or lower prices.
The price of gasoline on September 25
The price of unleaded 95 octane took off in Greece in mid-August and reached its highest point in recent months, at 2,040 euros per liter, on September 25. It was the week that the value of Brent oil, which is used globally as a benchmark for pricing energy products, surpassed $96 a barrel, reaching its highest level for 2023.
The price of gasoline in December
Since then, however, “95ara” unleaded has been moving steadily downwards, with the result that in yesterday’s nationwide measurements the average price was 1.817 euros, according to the latest bulletin of the Observatory of Liquid Fuel Prices, which represents a drop of around 10.9%.
The decline in average costs in the EU was lower, at just under 8.5%, according to weekly data published by the European Commission.
According to ifimerida, similarly significant reductions are recorded in the same period in two more widely used types of fuel, 100 octane unleaded gasoline and diesel, where prices have “fallen” by 8.6% and 10.5% respectively.
Despite efforts by OPEC+ to boost crude prices on the global market through targeted reductions in daily production and exports, Brent is currently below $77 a barrel and the North American West Texas variety hovers near $71.
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