Filenews 29 June 2022 - by Theano Thiopoulou
While the price of gasoline flirts with €2 per litre, fuel consumption in May was at higher levels compared to April and just below May 2019, a pre-pandemic year with the best performance, both in terms of consumption and economic figures.
The start of the tourist season and the good performance of this May in terms of arrivals seem to have played an important role, giving a boost to the oil market, against the price increases, due to the increased demand for car rentals.
The Statistical Service announced on Monday that in May 2022 the total sales of petroleum products reached 120,906 tons, recording an increase of 34% compared to May 2021. Sales of unleaded gasoline in May from gas stations were 26,718 tons, compared to 23,289 tons last year, a month that had limited consumption, as the contribution of tourism last year was limited in fuel consumption, showing an annual increase of 14.7%. Compared to May 2019, the decrease in gasoline consumption was 4%, a relatively small percentage, if we take into account that the pre-COVID pandemic year was one of the best years. Despite the fact that the price of oil at the most expensive service stations has passed €2 per litre, for several days now, consumption appears to have increased. In May, consumption was 23,024 tons, compared to 21,433 last year, recording an increase of 7.4% and is almost at the same levels as in May 2019, a pre-pandemic era, when oil consumption was 23,875 tons.
However, fuel prices, in addition to the consumption that occurs due to tourism, were a field of political controversy, mainly between DISY and AKEL. The reason for this is the proposal of the opposition party to give the Minister of Energy the opportunity to set a cap on fuel prices whenever it considers that economic conditions require it and not whenever it finds profiteering, as currently provided for.
As a general picture, according to the data of the Statistical Service, there was an increase in May 2022, on an annual basis, in oil supplies to airplanes (235,2%) and ships (58,5%), as well as in sales of heavy fuel oil (100,7%), heating oil (53,2%), LPG (32,5%). On the contrary, a decrease was recorded in sales of asphalt (-13.4%) and kerosene (-3.3%). Regarding more specifically the sales from petrol stations, these showed an increase of 11.8%, to 53,810 tons. Total sales of petroleum products during the month of May 2022, compared to April 2022, recorded an increase of 7,2%. Indicatively, oil supplies to airplanes increased by 9%, sales of diesel by 15.1% and gasoline by 12.3%.
Total oil stocks at the end of May 2022 increased by 20,3%, compared to the end of the previous month. During the period January – May 2022, total sales of petroleum products recorded an increase of 24,3%, compared to the corresponding period of the previous year.
