Petrol and diesel prices remain on an upward trajectory, as the market is simultaneously facing pressure from geopolitical tensions in the Middle East, reduced output from Russian refineries and increased summer demand, according to reports by Kathimerini.
The nationwide average price of regular unleaded petrol stood at €1.976 per litre on 12 July, up from €1.947 a week earlier, representing an increase of 1.48%. Prices exceeded €2 per litre in 12 regional units, while in the Cyclades they reached €2.208. In the same region, automotive diesel was priced at €2.025 per litre.
The renewed hostilities involving Iran and fresh uncertainty surrounding the Strait of Hormuz have pushed Brent crude back towards $79.45 per barrel, compared with $71.57 on 1 July. Nevertheless, the international price of crude oil remains only about 5% higher than before the attacks on Iran, whereas price increases at filling stations in Western countries exceed 15%.
A joint ministerial decision providing for a reduction of €0.10 per litre in petrol prices and €0.05 per litre in diesel prices is expected to be issued by Monday.
The discrepancy is attributed mainly to disruptions in global refining activity. Around 10% of worldwide refining capacity has been taken offline, while Ukrainian strikes on 19 Russian refineries have curtailed production. Russia, the world’s second-largest diesel exporter, has suspended exports until at least 31 July.
To partially offset the increases, a reduction of €0.10 per litre for petrol and €0.05 per litre for diesel is planned until 31 August. The relevant joint ministerial decision is expected to be issued by Monday. Its impact, however, may prove limited if international prices continue to rise.
Sources: Kathimerini [1], [2]
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