According to the data of the last few days, the price of heating oil is close to 1.45 euros per liter, a week before the start of its sale on the market, marking a significant decline compared to the previous period due to the drop in international prices.

Essentially, the price without the state subsidy – which is not expected to exist this year – is very close to the level at which the heating season started last year (1.41 euros) after a subsidy from the state budget of 0.2 euros per liter plus VAT and the additional subsidy of 7.5 cents per liter from refineries.

As sources of the fuel trading companies told APE-MPE, in the previous days there was a significant drop in the international prices of the product, to 902 dollars per ton last Thursday compared to 981 dollars at the beginning of the week.

The refinery price for heating oil, as for all products, is set daily based on the average of the international prices of the previous four days. The distribution of heating oil to consumers will start next Friday, October 13, which means that the starting price will be shaped (it can decrease further or increase) according to the course of international prices and also the euro/dollar exchange rate in the coming week. It is also a question whether – in addition to the commercial offers that are announced every year – the discount provided last year by the refineries to the selling prices of the fuel will be repeated this year.

Consumer interest in oil currently remains limited as weather conditions remain favourable. However, it is noted that during last winter (2022-2023) significant changes were recorded in the prices of heating oil and competing energy sources (natural gas and electricity). The price of heating oil, which started last year above 1.4 euros per liter, dropped to 0.92 euros at the end of the heating season in April. The price of oil reduced to kilowatt hours was 0.14 euros / Kwh at the beginning of the period and 0.08 euros / Kwh at the end.

The prices of natural gas also fluctuated during the winter season, which for some months was more expensive than heating oil. The price of electricity has fallen dramatically from the all-time highs of the summer of 2022, but remains more expensive than oil and gas. The evolution of the prices of the three alternative energy sources can be seen in the diagram below:

(source: Natural Gas of Greece).