Gasoline, diesel and heating fuel demand has dropped since the beginning of the year, according to data provided by sector trading firms, which contravenes the results of surveys indicating consumer and business confidence levels are on the rise.

Volume-based gasoline sales dropped by 10 percent in January and have fallen a further 9 percent from the beginning of February until now, trading firm data has shown. The respective drops for diesel are 8 and 13 percent. Heating fuel demand dropped by 10 percent in the first ten days of February, the milder weather conditions in Greece over the past few days being the main factor.

These figures, certainly worrisome as fuel demand is a vital economic indicator, represent a drop in fuel trade measuring tens of thousands of liters. The fuel sector has shed 40 percent since the Greek recession began about a decade ago.

In 2018, VAT revenues for the state generated by fuel sales dropped by 21 million euros. A special consumption tax (EFK) imposed on fuels brought in 32 million euros less.

“The fuel market has yet to hit rock bottom,” Yiannis Aligizakis, managing director at Elinoil, noted yesterday during a presentation of new company products.

Greek gasoline prices are the tenth most expensive in the world, according to a Global Petrol Prices list. Zimbabwe topped this list with a gasoline price of 2.94 euros per liter, nearly double Greece’s average price level of 1.51 euros per liter.