Greek Economy Braces for Energy Price Shock Ahead of Winter
The Greek economy is facing a severe energy crisis ahead of winter, as international energy prices surge due to tensions in the Middle East.
Households are bracing for higher costs across various fuels and services, including electricity, heating oil, and natural gas. The government's plan to reduce electricity costs over three years and increase heating allowances from 2027 is now seen as unfeasible.
The prices of motor fuels remain stable at over €2 per liter, despite subsidies from the government and refineries. However, consumers are paying 20.7% more for gasoline and 32.3% more for diesel fuel than they did at the start of the Middle East conflict.
Heating oil prices are expected to soar by around 65%, reaching approximately €1.81 per liter, compared to €1.09 per liter last year. Households relying on natural gas will also see a significant increase in costs, with estimates suggesting a burden at least 40% higher than last year.