February 7, 2023

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Heating Oil: Subsidies Go, Increases Come – Economic Mail

Double He increases From this month you will charge their price heating oilof which fuel is the most common form energy to heat them up families this winter.

The price increases come from cutting government subsidies and also from the end of discounts from refineries to oil trading companies. Thus, the total cost is approximately € 0.14 per liter. €0.10 is added to the prices due to the equal reduction of the government subsidy at the pump (there will be a remaining €0.15/l subsidy) and about €0.04/l is added due to the expiry of the refinery rebate policy for oil trading companies. It should be noted that Helleniq Energy has extended three times the granting of discounts to the market, so that heating oil is more affordable for households. The last discount was 0.0375 € / liter and lasted until December 31, 2022.

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With this data, the average heating oil price is expected to rise to around €1.30 per liter from €1.16 on December 30.

Liquid fuel market sales

The year 2022 closed, according to the information, with a marginal increase in sales of liquid fuels, compared to 2021.

According to the information, the increase was within 2% for all types of fuel.

It is worth noting that the price of petrol dropped by -2% apparently due to the significant increase in prices over the past year. The decline was mainly recorded in the latter half of 2022.

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On the contrary, an increase in oil sales was recorded. Diesel traffic saw demand rise by around 3.5% to 4%. This is due, on the one hand, to the increase in tourism, in addition to the high growth rates of the Greek economy.

The demand for heating oil was also great. Oil market sources estimate that in 2022 the increase will be in the range of 6% compared to 2021.