Incredible what is happening to gasoline – Where will it go in the next few days

By | May 7, 2023

Gasoline: Finally smiles for the drivers as the price of gas is in free fall!

According to the latest available data (3/5) from the Liquid Fuel Price Observatory of the Ministry of Development and Investment, the price of unleaded oil is €1.83 per liter in Athens and €1.82 per liter in Thessaloniki .

The highest price is “traditionally” recorded on the island of Greece (Cyclades: 2,133 euros per liter).

In the same areas, diesel costs 1.544 euros per liter (Athens – Thessaloniki) and 1.82 euros per liter (Cyclades), respectively. LPG sells for €0.85 per liter in Athens, €0.89 in Thessaloniki and €1.171 in the Cyclades.

Market players told “ET” that the downward trend that fuel prices have followed since around mid-April will continue in the coming days. However, they added, consumption has decreased, especially after Easter.

In gasoline, for example, there is “at least a 20% drop, compared to the corresponding period in 2022,” they said.

It should be noted that the de-escalation in the price of unleaded gasoline began on 4/18. At that time, the price was 1.947 euros per liter, while a few days later (4/27) it dropped below 1.90 euros per liter.

In fact, on 4/26, the Brent price moved below $80 per barrel, while in recent days (5/3-4) it has been at the level of $73 per barrel.

And although the cost of fuel is a function of the trajectory of the Brent price, there are other factors that influence it.

In particular, gasoline and diesel are two independent stock products, whose prices are governed by their own dynamics.

In addition, the euro-dollar exchange rate is a catalytic factor in price formation.

Greece has the eighth most expensive unleaded gasoline in the world and the sixth in Europe.

Specifically, its price is set at 1,880 euros per liter, according to the latest available data (1/5) from Global Petrol Price.

The most expensive gasoline is sold in Hong Kong (2,691 euros per liter), followed by Iceland (2,096 euros), Monaco (2,076 euros), the Central African Republic (1,977 euros), Finland (1,970 euros), Denmark (1,954 euros) and Norway (1,926 euros).

It should be noted that the average retail price of unleaded gasoline is calculated taking into account the following parameters: 1) the estimated margin of the distributors and gas stations, 2) taxes, rates and other charges and 3) the price of refinery.

Gasoline: If you put this time it will last you longer!

Gasoline and fuel prices have risen again, and drivers are struggling to find ways to save money.

Surely you have read articles about when is the best time to enjoy a meal, exercise, take a walk or swim.

But have you ever read anything about when is the best time to fill up on gas?

According to the website “” there are secrets that you should not ignore regarding the tank of your car.

Secrets that can save you gas and save your pocket.

  • Add gas when the gas gauge is about half full. The more fuel you have in the tank, the less air there will be in your available space. Gasoline evaporates faster than you can imagine.
  • Do not fill gasoline if the gas station has been refueled before by the tanker truck. It is very likely that the fuel has been mixed.
  • In spring and summer we fill the vehicle with gasoline first thing in the morning, because the ground temperature is low. In all the gas stations the deposits are underground. Therefore, the colder the ground, the higher the density of the fuel. If you refuel in the evening or at night, your liter will not be exactly one liter.
  • When refueling yourself at a self-service gas station, do not set the pump to high speed.

Gasoline: How will you know that you have been given adulterated gasoline?

The consequences of using adulterated fuel can even be disastrous for an engine, and the sooner the driver discovers it, the better.

All the details in

Since fuel prices remain high, finding a gas station with the lowest possible prices is a common practice for most drivers to reduce the cost of driving.

However, consumers should always be vigilant and careful with their choices as the phenomenon of fuel adulteration looms large.

The frequent quality controls carried out by the large and well-known gas station chains go a long way to providing peace of mind and relative confidence to drivers.

Conversely, cheaper fuel from questionable stations can actually be much more expensive, due to adulteration and the damage it can cause to the engine.

These are the basics that can be done to find out if the fuel you put in your car is of poor quality.

Unfortunately, in this case, as in many others, the saying “if you don’t experience it, you don’t learn” applies, however, with a little more attention, you may be able to avoid any damage to your car. engine.

Gasoline: The cartels’ trick to rob us

Consumers complain about accuracy, while oil cartels are getting rich off them!

The sad records of the Greek market for liquid fuels continue, and in the latest data published by the European Commission, with data from December 5, unleaded gasoline in Greece was the most expensive in Europe, as it has been systematically for several months .

The indications are already strong that the great asset of market operators is not passing on to consumers the great reduction that has been registered in international oil prices, but keeping a large part of it to strengthen their benefits, which have shot this year. at record levels.

Specifically, according to the latest data from the Commission’s fuel report, unleaded gasoline in Greece was once again the most expensive in Europe, since the average price was 1.957 euros per liter, with a slight decrease compared to the week previous (1,989 euros).

Greek consumers pay 15% more for petrol than the average price in the EU. from 27 countries and 12% more expensive than the average price in the 19 eurozone countries, according to data from the Commission.

In high-income countries with heavy fuel taxes, such as Germany and the Netherlands, consumers pay much cheaper for unleaded gasoline than in Greece, at €1.8 a litre.

From the data on the evolution of prices in the Greek market this year and the parallel course of international oil prices, it is quite clear that Greece is experiencing the “rocket and wing effect”, as economists have called it:

When international prices rise, domestic market prices skyrocket, but when international prices fall, local prices fall at a much slower rate, reminiscent of the drop of a feather.

In early June, the price of Brent oil, the global benchmark for crude, reached its all-time high for 2022 at $122 per barrel.

In this frantic upward movement of the price of crude oil, the prices on the Greek market, as is known, responded very dynamically, with the result that at the beginning of June the average price in Greece jumped to the level of 2.4 euros per liter.

After this peak, the price of brent has followed a downward trajectory, falling more than 35% in the last period. But prices in Greece fell at a rate of … feather, with a decline since June in the order of 16%.

With these rough calculations, it appears that the fuels market contributors, i.e. mainly the two vertically integrated refining groups (Motor Oil and ELPE) which at the same time control the largest trading companies and large retail service station networks and constantly expanding, they are passing to Greek consumers this year less than half of international prices.

The current year is the best in the history of these two vertically integrated groups, which register record profits, while the Ministry of Finance estimates that it will collect more than 600 million euros from the imposition of the extraordinary European tax on its super profits.

Consumers, however, don’t seem to be able to expect more reasonable gasoline prices at service stations any time soon.

Behind the “wing-rocket” phenomenon, as found in the international literature on competition, as a rule, there are collusions of market players to fix prices, which fall under the jurisdiction of the Competition Commission.

The Commission has already intervened in the matter, but, in any case, the pace at which it is moving does not guarantee a quick result, and it has already intervened a lot in the past in the fuel market, without achieving the (difficult) objective to restore the conditions of effective competition.

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