RAE, Greece’s Regulatory Authority for Energy, is examining the prospect of proposing a price ceiling on liquid fuels in various regions around the country where price levels of unleaded gasoline and other petroleum products have risen to extraordinarily high levels.

The authority’s board is expected to meet either today or tomorrow to decide on whether to forward a substantiated price-ceiling proposal to the Ministry of Economy and Development, energypress sources informed.

RAE officials have been examining price-related fuel data gathered over the past couple of months to determine whether retail prices, up to levels of approximately two euros per liter for unleaded fuel, and in some cases even higher, are justified.

Citing one extreme example, a local fuel price monitoring agency has pointed out that unleaded fuel is selling for as much as 2.045 euros per liter on the island Sikinos.

RAE was prompted to take action as a decline of the country’s average price for unleaded fuel between June and July, from 1.654 euros per liter to 1.634 euros per liter, was not reflected in many areas around the country, including islands.

On the Cyclades, unleaded fuel prices currently range between 1.95 and 1.99 euros per liter on Milos, Amorgos, Anafi, Andros, Naxos, Sifnos, Serifos and Santorini.

On Skopelos, Alonissos and Patmos, prices have ranged between 1.997 and 1,999 euros per liter. Price levels of as high as 1.99 euros per liter have been recorded in Ikaria.

Market officials have attributed the elevated fuel prices on islands to the small number of suppliers and the disproportionately large number of petrol stations given the small size of islands. As a result, petrol station owners are seeking to rake in profits during the summer season’s higher demand and secure  sustainability as business activity during the rest of the year is minimal at best.

High fuel tax levels and transportation costs have also contributed to the elevated prices on islands.