By 15 minutes the decreased the price of regular unleaded gasoline over the past month, in a first indication that a trend toward easing the price hikes caused by the crisis in the Middle East is gradually taking shape.
According to the latest data from the fuel price observatory of the Ministry of Development, yesterday, Thursday , the average price of 95-octane gasoline nationwide stood at 1.968 euros per liter, while a month ago, on May 18, it had been recorded at 2.119 euros.
A similar decline was recorded for diesel fuel. The average price fell by 11 cents per liter over the same period, falling from 1.815 to 1.697 euros
Prime Minister Kyriakos Mitsotakis stated yesterday from Brussels that the drop in the price of crude oil on the global market must be passed on to consumers, while government spokesperson Pavlos Marinakis stated today that this pass-through to benefit citizens must begin to be felt as early as “next week.”
Part of last month’s reduction, in the range of four lepta for diesel and three lepta for unleaded gasoline, was observed starting last Sunday, that is, after the announcement that the United States and Iran had reached a 60-day agreement to open the Strait of Hormuz, during which negotiations will take place to achieve a long-term peace.
Market analysts estimate that the rate of decline in fuel prices will accelerate as the global market is supplied with crude oil shipments that had been blocked in the Gulf for months, which means that prices at the pump will gradually decline in the coming period.
Under normal circumstances, about one-fifth of global oil and natural gas flows pass through the Strait of Hormuz. The International Energy Agency has described the war in the Gulf and the “blockade” of the Strait of Hormuz as the greatest energy crisis in history. The decline in supply was so severe that the IEA estimates that global oil stocks fell by approximately 217 million barrels during April and May.
