Local Fuel Prices on the Rise Amid Middle East Tensions
In light of the recent turmoil in the Middle East, fuel prices are anticipated to climb, according to local experts who voiced their concerns on Monday. The region has been described as “on the brink,” with apprehensions of an Israeli counter-offensive against Iran stirring uncertainty and affecting global oil markets.
Christodoulos Christodoulou, representing fuel station owners, expressed certainty about the impending rise in fuel costs. He noted that the cost of crude oil is in flux but under close observation. “Brent oil is around $91 as of today and further rises are expected,” Christodoulou stated. He conveyed the collective anxiety, saying, “We are worried as everyone is… should the price go above $100, God help us all. We may exceed €1.70 or €1.80 per litre.”
Christodoulou also referenced the situation in Greece, where petrol prices have surpassed €2 in some regions. Fuel prices have already seen a significant hike from last week, with increases ranging from 20 to 50 cents. For unleaded 95, average prices were between €1.50-€1.53, while unleaded 98 hovered around an average of €1.60. Diesel saw a substantial surge, with prices averaging at €1.60.
The threat of prices reaching and even surpassing the €2 mark, as they did in June 2022, looms over consumers. Marios Droushiotis, President of the Consumers Association, acknowledged the high prices and the public’s concern but also highlighted a silver lining: international crude oil prices have not escalated as anticipated. “The price is currently slightly lower than last week. However, some price increases are to be expected as they are catching up from increases in previous weeks,” Droushiotis explained.
Over the past eight to nine days, petrol prices have risen by 4 cents and diesel by 1.5 cents, indicating a trend that could strain budgets if Middle East tensions continue to influence global oil supply chains.
