The drop in prices of oil below $90 brings new reductions in fuel prices in Greece starting Tuesday.
The international oil price is on a downward trend following the latest developments in the Middle East, raising expectations for a further decline in fuel prices in the Greek market in the coming days.
Brent and WTI Oil Prices on a downward trajectory
Brent is now trading steadily below the $90 per barrel threshold. At the close of markets on Friday evening, the price stood at $87.3 per barrel, recording a daily decline of more than 3%. On a monthly basis, losses reached 18%, confirming the significant downturn in international energy markets.
The picture was similar for the U.S. WTI, which closed at $84.8 per barrel, following the same downward trend.
What to expect at Greek gas stations
Fuel marketfuel market estimate that the drop in international prices will begin to be reflected at gas stations starting early next week, and specifically from Tuesday onwards. As they note, the downward trend recorded both on a weekly basis and over the last 24 hours is expected to gradually feed through to retail prices.
According to the latest data from the Ministry of Development, the average price of unleaded gasoline stands at 2 euros per liter, while the diesel fuel is at 1.74 euros per liter. Already, in several regions of the country and particularly in major urban centers, unleaded gasoline is available below the psychological threshold of 2 euros.
Market estimates suggest that fuel prices will move to even lower levels in the coming period. However, analysts point out that it is unlikely they will immediately return to the levels recorded before the tensions between the U.S. and Iran, which had caused significant turmoil in international energy markets.
