Fuel prices in the Greek market have been moving upwards in recent days following Platts’ moves in the Mediterranean while receiving a boost from expectations of an improvement in the economic climate in the international market.
The wave of exits for August license holders came close to paying Greeks a bit more than they had been accustomed to in previous months while large price differences were observed on the islands.
Right now, the national average price for unleaded is €1,888 per liter and diesel at €1,605, while wholesale prices are expected to rise in the coming days, prices at the pump are expected to increase slightly.
Apart from the major urban centers where prices move at more moderate levels, the islands are still the champions of punctuality. This is because the average nationwide price for unleaded oil may be, for example, in the Cyclades at €2,140 per liter, but there are islands where the price is close to €2.3 (Milos). Likewise, prices in the Dodecanese move steadily above €2, while Crete and the Ionian tend to approach it.
Despite the fact that the prices “stung” a little, no price hike is expected in the coming days. However, this may not be the case for the coming months and especially towards the end of the year.
On Friday, global oil prices rose to $80 a barrel as the market began to see signs of tightening supply.
However, gains were limited after China earlier this week reported second-quarter GDP growth that came in below expectations. On the other hand, the market is now more optimistic that China will roll out more stimulus to support domestic demand and help its economy, which has struggled to recover strongly since the end of Covid restrictions more than six months ago. To this end, he pledged on Tuesday to “formulate and introduce more effective policies to restore and expand consumption as soon as possible.” This commitment has improved sentiment in commodity markets.
While economic data from China and the US remains mixed, the fundamentals show that the oil market is becoming increasingly tight.
Russian crude exports showed signs of declining for the second straight week and are estimated to have fallen to a six-month low in the four weeks to July 16. Russia is preparing to cut its oil exports by 500,000 barrels per day in August, while Saudi Arabia’s crude oil exports have also begun to decline, falling below 7 million barrels per day in May for the first time in months. Crude shipments from the world’s largest exporter could fall further as Saudi Arabia has now cut its output by 1 million barrels in July and August.
In the United States, crude oil and gasoline stocks fell last week, according to weekly data from the Energy Information Administration. Supply constraints on the part of the largest producers and a potential increase in demand worldwide could gradually lead to further drawdowns in inventories and higher fuel prices.
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