The geopolitical developments in the Middle East are also setting fire to our pockets. Drone and missile attacks on Persian Gulf countries and navigation problems in the Strait of Hormuz, through which 1/5 of the world's crude oil and liquefied natural gas passes, are skyrocketing fuel prices.
According to information from "F", the percentage change in international crude oil prices at international refineries from February 27 to March 3 was as follows:
-The price of unleaded gasoline rose by 14%
-The price of diesel increased by 35%
-The price of heating oil increased by 32%
-The price of Brent rose by 15%.
The above data suggest that fuel prices in our country will rise, as soon as new loads are delivered, of between 6 and 7 cents per liter.
Yesterday, the average selling price of 95-octane unleaded gasoline was €1,326 per liter, diesel the average price was €1,428 and heating oil €0,960 per liter.
The increases that were introduced
However, compared to the previous month, retail fuel prices have already increased. Specifically, between February 4 and March 4, 2026, the change in retail fuel prices was as follows:
-The price of unleaded 95 octane rose by 1.2 cents per liter. In February it was €1,314 per litre and in March €1,326 per litre.
-The price of diesel within a month increased by 4.4 cents per liter. That is, on February 4 the price was €1,384 per liter and yesterday it was €1,428.
-Heating oil increased by 3.1 cents per liter. On February 4 the price was €0.929 per liter and yesterday it was €0.960 per liter.
To these will be added the new increases, as the new loads of fuel that will be received are expected to be at higher prices. The rise in prices takes into account many parameters, such as the exchange rate, developments in the region and the increase in insurance premiums for ships carrying fuel.
It should be noted that yesterday already a petroleum company proceeded to increase prices by 1,5 cents per liter and in the coming days it is estimated that increases from other companies will follow. The differentiation in prices is expected to be recorded at gas stations in the next 24 hours.
The director of the Consumer Protection Service of the Ministry of Energy, Konstantinos Karagiorgis, stated that officials of the service will supervise the market and if there are unjustified increases, the legislation will be applied. However, during Russia's invasion of Ukraine in 2022 and the outbreak of the energy crisis, the Government had applied the reduced rate of consumption tax on fuel to alleviate economic costs. At that time, the reduced consumption tax on fuel (by 8.3 cents per liter on gasoline and diesel as well as by 6.3 cents per liter on heating oil) was in place for about two years.
Due to the increase in oil prices internationally, it is estimated that the price of electricity will inevitably increase. It is recalled that until the end of the year, the electricity subsidy for vulnerable groups of the population continues. Previously, a horizontal reduction of VAT from 19% to 9% was applied to the price of electricity, however, along the way the measure was applied in a targeted manner.
