Heating fuel season begins with sharply higher prices, up 45%

The country’s heating fuel season gets underway tomorrow with sharply increased prices ranging from 1.13 to 1.15 euros per liter in urban areas and over 1.20 euros per liter in remote areas, including islands, representing a 45 percent increase compared to a year ago.

A year earlier, heating fuel prices averaged 0.798 euros per liter, driven lower by the pandemic-induced drop in demand.

The heating fuel price rise for this winter season has been attributed to a rebound in demand following the lifting of Covid-19 restrictions, combined with the price surge in international energy markets, also impacting the price of heating fuel, used by hundreds of thousands of homes around the country.

Households are moving fast to place their heating fuel orders, fearing further price rises, supply company officials have informed.

However, the quantities being ordered are smaller compared to a year earlier, the officials added, a trend highlighting the increased financial challenges faced by households.