Overall fuel sales slump by 4% in first four-month period

Overall fuel demand fell by 4 percent in the first four-month period compared to the equivalent period last year, extending the market’s recent run of lower consumption, data has shown.

Gasoline demand dropped by 4 percent in the first four months of 2019 compared to a year earlier, while diesel sales were down by 2 percent.

The overall 4 percent decline comes despite strong demand registered for heating fuel earlier this year as a result of the cold winter.

The lower diesel demand has been attributed to a slowdown in major projects, investments and building activity.

Overtaxation is seen is the main cause behind the drop in demand for gasoline, whose price levels have remained particularly high in the Greek market despite a drop in international prices.

Ongoing illicit fuel trade in Greece is affecting fuel-related tax revenues, depriving the State of roughly 300 million euros per year.