Today the G7 ministers of finance will attempt to lay the foundations for a global agreement that will provide for a ceiling on the purchase price of Russian oil. The Russians have already responded that they will stop sales to the countries that will be drawn up with the US-sourced plan.
By Chrysostomos Tsoufis
SKAI’s revelation of the government’s plan to … push around 1.5 million households to return to use of oil for heating them – and after the air conditioners “sucked up” their budgets – it “raised” dust.
THE Federation of Petrol Dealers of Greece sent a new letter to the prime minister and the financial staff requesting an immediate reduction in fuel taxes in view of the start of distribution of heating oil on October 15. Professionals in the sector note that the total taxes burdened by fuel together with the 24% VAT exceed 60% of the total price of the product, which, according to the OBE, requires an intervention, even a temporary one.
If the distribution of heating oil started today, then its price would be around €1.60/liter in cities and would reach €1.70/liter in peripheral areas with the international price of oil having descaled 25 % of last 3 months to almost 94$/barrel. Things would be much worse if the sale started at the beginning of the summer, we could even have €1.90/liter as on June 8 the international oil price was $124/barrel.
No one can be sure what will happen but the omens are not good. Today the G7 finance ministers they will attempt to lay the groundwork for a global agreement that would provide for a ceiling on the purchase price of Russian oil. The Russians have already responded that they will stop sales to the countries that will be drawn up with the US-sourced plan. At the same time, OPEC has left open the possibility of reducing oil production. Both events could increase prices.
On the other hand, analysts fear a recession and therefore a reduction in consumption, even more so when the Chinese giant seems to be reeling hit by unprecedented droughts and new restrictions due to a pandemic.
However, at a price of €1.60/liter and according to the Commission’s weekly bulletin, the Greece is somewhere in the middle – in 11th place – among Eurozone countries with an average of €1,547. More expensive countries Denmark and the Netherlands where the price exceeds €2/litre. On the contrary, Malta enjoys heating oil at €1/litre.
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