Heating fuel for the upcoming winter begins trading today in the Greek market approximately 20 percent higher than prices last season, primarily as a result of taxes and higher international fuel prices.

Last season, heating fuel began trading at a level of 94.4 cents per liter in October, 2017 before reaching 1.025 euros per liter in April, according to official Greek economy ministry data.

This season, heating fuel will begin trading at 1.14 euros per liter, according to market estimates.

Higher fuel taxes in Greece and rising international fuel prices have prompted a major drop in local demand for heating fuel as households have turned to more affordable heating alternatives.

Greek heating fuel demand has dropped by 72 percent between 2003, a record year when domestic consumption peaked at 4.25 million tons, and 2017, official market data has shown.