Local heating fuel prices seen rising by 20% this winter

The cost of heating fuel in the Greek market is expected to increase by 20 percent this winter compared to last winter season as a result of higher  international fuel prices.

The retail price for heating fuel orders amid the current market conditions would be set at around 1.14 euros per liter compared to roughly 0.95 cents per liter last winter, local traders have estimated.

The anticipated price rise has raised concerns among traders who dread a further slump in heating fuel demand this winter following a 20 percent drop last season, primarily as a result of the mild winter. Many traders struggled to remain afloat.

Brent crude oil prices have exceeded 81 dollars per barrel over the past few days and American crude oil prices are now close to 72 dollars per barrel. Despite a slight drop yesterday of about half a percentage point, oil prices, on an upward trajectory, have risen to their highest levels of the past four years. In forecasts made yesterday, analysts predicted the Brent price would reach 82 dollars per barrel during the final quarter of 2018.

Responding to the rising fuel prices, Greek refinery officials reminded that a special consumption tax (EFK) and other taxes represent 46.2 percent of the retail price for heating fuel.