A significant drop of as much as 11% has taken place over the past two months in the price of petrol, providing relief to households at a time when inflationary pressures are squeezing disposable income across Europe.

The cost of fuel in Greece has actually decreased more than the average in the European Union, which means that our country has more effectively assimilated the decline in the price of oil in the international energy markets compared to other markets in the Old Continent.

Lowering the cost of petrol is important to the economy as it has a wider deflationary effect, given that it reduces the cost of commercial travel and supply chain transport, which helps to contain or reduce prices.

Her price unleaded 95 octane took off in Greece in mid-August and reached its highest point in recent months, at 2,040 euros per liter, on September 25.

It was the week Brent crude, which is used globally as a benchmark for pricing energy products, topped $96 a barrel, hitting its highest level for 2023.

But since then the “95ara” has been running unleaded steadily downwardsresulting in yesterday’s nationwide measurements the average price to be 1,817 eurosaccording to the latest bulletin of the Liquid Fuel Price Observatory, which recommends a drop of 10.9%.

The decline in average costs in the EU was lower, at just under 8.5%, according to weekly data published by the European Commission.

Correspondingly significant reductions are recorded in the same period in two more widely used types of fuel, 100 octane unleaded gasoline and diesel, where prices have “fallen” by 8.6% and 10.5% respectively.

Despite efforts by OPEC+ to boost global crude prices through targeted reductions in daily production and exports, Brent is currently below $77 a barrel and North American West Texas crude hovers near $71.