Greeks will pay lower prices this year compared to last year for heating oil and gasoline according to current market numbers at the start of the winter season. Electricity prices remain close to last year’s levels but show upward trends according to current indicators from the Energy Exchange in October.
Read: Mitsotakis on TikTok about heating oil: “Very good news on the price front, at 1.10 euros per liter”
Heating oil: How prices per liter are shaping up
Heating oil distribution began last Wednesday at prices starting from 1.09 euros per liter for orders in major urban centers, compared to 1.18-1.19 euros per liter nationwide and 1.16-1.17 euros in Attica at the start of last year’s heating season. Prices scale upward for small orders and in remote areas. On the other hand, several companies offer interest-free installments or credit card purchase discounts.
Consumer oil orders remain restrained so far, due to weather conditions and/or expectations of international price declines that will be passed on to consumer prices. The latest monthly report from the International Energy Agency (IEA) highlights rapid supply increases and slower demand growth, creating conditions for price decreases. However, the prospect of sanctions on Russia and reduced refinery availability according to the IEA could keep prices elevated.
Gasoline and electricity prices
The picture is also positive for motor fuels where prices are also forming at lower levels than last year. The average price of unleaded gasoline in early October was 1.744 euros per liter compared to 1.778 euros last year, and diesel fuel 1.538 euros this year compared to 1.547 euros last year. For electricity, the average consumer price including taxes in September was 22.96 cents per kilowatt-hour (below the EU average of 25.43 cents, according to data from the monthly VaasaETT survey). In the corresponding month last year, the price was 23.02 cents. Energy exchange prices during the first half of October moved upward, to 130.95 euros per megawatt-hour compared to 92.77 euros, which was the average price in September. If the picture doesn’t change by the end of the month, retail price increases are likely to follow, though those who have chosen fixed-rate plans are protected from these increases, many of which are still cheaper than wholesale prices formed on the exchange.
