The energy transition is being made at a high cost for the European market as well as market distortion dangers that need to be addressed, officials of SEEPE, the Hellenic Petroleum Marketing Companies Association, have stressed at a news conference.

It is extremely crucial that government policy packages do not allow for exclusions, while also paying attention to the petroleum sector’s sustainability, aligned with the idea of a truly fair and smooth transition, SEEPE officials pointed out.

Close coordination is needed, even internationally, as climate change is a global problem, the association noted, adding that the European market cannot bear the cost of the green transition without significant support in a globally competitive environment.

The petroleum sector will face challenges as a result of the gradual reduction in the number of fuel-powered vehicles by 2035, given the European Commission’s climate change objectives, SEEPE officials noted.

Despite the energy transition challenges, Greek petroleum companies are embracing the energy transition towards carbon neutrality, they added.

Investments will be needed while the petroleum sector’s new commercial strategy, to enable a transition from conventional fossil fuels to eco-friendly fuels, is vital, the SEEPE officials stressed.