Domestic fuel market battered, first-half losses projected

Petroleum product traders, overwhelmed by the dramatic drop in fuel sales as a result of restrictive measures prompted by the coronavirus crisis, are making grim forecasts for financial results in 2020.

Losses are projected for the first half while, overall, 2020 will be a bad year, fuel company officials are already admitting.

Fuel demand is seen falling by 40 percent during the final week of March and throughout April, company officials have told energypress.

So far this month, gasoline sales have dropped 20 percent, demand for diesel fuel is down 8 percent, while, on the contrary, heating fuel demand has risen by 22 percent as a result of the ongoing chilly weather combined with the crisis’ enforced domestic living.

Market officials expect fuel sale figures to slip further in the two-month period covering April and May. They have forecast a 50 percent drop.

“It is getting worse by the day for auto fuel sales,” one market official stressed.

Even so, the year’s financial concerns for petroleum firms can still be reversed if restrictive measures are not extended beyond May, some officials believe.

The upcoming summer tourism season will be one of the worst on record, petroleum company officials have forecast, noting that even if the coronavirus outbreak is brought under control in Greece, predictions cannot be made for other countries. The tourism potential for June has already been written off, the sources added.