Fuel prices rise as in­comes fall

Kathimerini English - - Front Page - DIMITRA MANIFAVA

Each visit to a gas sta­tion is a painful ex­pe­ri­ence for lo­cal con­sumers th­ese days as the price of gaso­line in Greece is among the high­est in the world while dis­pos­able in­comes con­tinue to slide. Out of 60 coun­tries sur­veyed by Bloomberg, Greece was found to have the sixth high­est gaso­line prices, whilethe coun­try ranks 21st in re­la­tion to pur­chas­ing power.

The re­duc­tion in Greeks’ in­comes and their habit of us­ing cars for most of their trans­port needs mean that con­sumers in this coun­try on av­er­age spend 4.8 per­cent of their to­tal in­come on gaso­line, which is the high­est among the 60 coun­tries sur­veyed.

Us­ing prices in the pe­riod from Jan­uary 3 to 18, the Bloomberg sur­vey showed that Greeks have to spend some 15 per­cent of their daily wage in or­der to pur­chase one liter of gaso­line.

The fi­nal price of gaso­line is so high in Greece as it de­pends on in­ter­na­tional oil rates that have gone up re­cently, while fuel taxes have risen con­sid­er­ably over the last three years.

The most re­cent report by the Mar­ket Mon­i­tor­ing Agency showed that the av­er­age price of un­leaded gaso­line was 1.745 eu­ros/lt. The re­fin­ery price a day ear­lier had stood at 0.6525 eu­ros/lt, with tax and other charges ac­count­ing for 1.019 eu­ros/lt and some 0.0816 re­main­ing as the profit mar­gin for fuel trad­ing com­pa­nies and gas sta­tions. The price of un­leaded gaso­line has in­creased by 3.62 per­cent since the start of the year.

The world’s most ex­pen­sive gaso­line was found in Turkey, where its rate is close to 2 eu­ros per liter, ow­ing to the very high con­sump­tion tax im­posed on fuel in the last few years.

gaso­line has grown by 3.62 per­cent since the start of the year.

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