Industry calm over fuel hikes

The ministries of Energy and Development appear ready to tackle any incidents of profiteering in the fuel trade due to the global rise of rates, while market professionals also sought to downplay concerns about the consequences of geopolitical developments in the Middle East.

At a meeting on Tuesday in the Energy Ministry under Deputy Gerasimos Thomas, representatives of oil refineries, fuel trading companies and gas station owners argued that there is little cause of concern as the impact on prices is not expected to top 0.03 to 0.05 euros per liter by Friday.

Thomas also said that there are no supply issues as reserves are sufficient and Greek oil refineries are flexible.

The parties discussed issues stemming from the steep rise in global oil prices, with refinery representatives (from Hellenic Petroleum and Motor Oil) saying that any shortages in the market...