Heating fuel sales surge 60% as prices drop, gasoline demand down 4%

Heating fuel sales in November increased sharply, by 60 percent compared to the equivalent month a year earlier, driven higher by a significant price reduction of roughly 20 percent since October 15, when heating fuel trading commenced for this winter season.

November’s heating fuel sales increase exceeded that of October, when sales rose by 40 percent compared to the same month in 2021.

Heating fuel prices have dropped to levels below one euro per liter. Suppliers in Athens are currently selling at an average price of 0.979 euros per liter, while the average price around Greece is 1.135 euros per liter, well below the level of 1.412 euros per liter in mid-October.

Demand for gasoline in November fell by 4 percent compared to the same month a year earlier, despite a considerable price reduction for unleaded fuel from an average of 2.105 euros per liter on November 5 to 1.888 euros per liter at the end of the month, a drop of more than 10 percent.

November’s decline in gasoline sales reflected a wider trend in the Greek market. Gasoline demand dropped 7 percent in the third quarter compared to the equivalent period last year.

Auto diesel prices fell even more considerably in November, by 12 percent, to 1.828 euros per liter.

Total liquid fuel sales in 2022 are expected to increase by 3 percent compared to last year, according to rough estimates made by market officials. Heating fuel sales have risen by 9 percent over the year’s first ten-month period.