Unleaded and diesel auto fuel has fallen by about ten cents (euro) at local petrol stations compared to price levels registered in mid-August, while further reductions are expected as a result of falling international oil prices.
The price of Brent slid to as low as 42.51 dollars a barrel yesterday, down by 6.5 percent from the level registered last Friday, before moving up slightly, to just over 43 dollars. US crude fell by 6.7 percent yesterday, to 37.75 dollars a barrel, and edged up to a little over 38.50 dollars.
Compared to price levels at the beginning of August, Brent has fallen by 16 percent and US crude by 17 percent.
The fall in international prices has already lowered prices for consumers. Yesterday, the average price of unleaded fuel at petrol stations around Greece fell to 1.42 euros per liter from 1.513 euros per liter on August 14. The cost of diesel fell 1.07 euros per liter from 1.17 euros, during the same period.
In the wider Athens area, the price of unleaded fuel fell below the national average to 1.39 euros per liter. The price remains over 1.6 euros per liter in regions where fuel costs are traditionally higher, such as the Dodecanese islands, Crete, Chios, and Samos.
A 64 percent proportion of retail fuel prices in Greece is inelastic to international crude price fluctuations as it represents taxes and fees.
Taxes imposed on fuel in Greece are among the highest in the EU. Greece ranks sixth in EU fuel prices that include taxes. The country ranks fourteenth on the EU list of fuel prices before taxes are imposed.