Fuel prices approach €2 per liter in Evros as Geopolitical Tensions Drive increases
Fuel prices in the region of Evros continue their upward trend, closely mirroring the national average, with the cost of unleaded petrol nearing €2 per liter. The increase marks the second significant hike in recent weeks, driven largely by escalating geopolitical tensions in the Middle East.
According to the latest data from the Fuel Price Observatory, the average national price for 95-octane unleaded petrol rose to €1.767 per liter on June 22, up from €1.737 on June 13. Meanwhile, 100-octane unleaded petrol climbed to €1.970, and diesel fuel reached €1.544 per liter.
In Evros specifically, the fuel prices as of June 22 were as follows:
- Unleaded 95: €1.758 (up from €1.751 on June 19)
- Unleaded 100: €1.970 (up from €1.967)
- Diesel: €1.529 (up from €1.503)
Impact of the Hormuz Strait Crisis
The recent price hikes are closely linked to increased instability in international energy markets following the Israeli attack on Iran, and more recently, the involvement of the United States. Analysts cite growing concerns over a possible closure of the Strait of Hormuz, a vital global shipping lane through which approximately 20 million barrels of crude oil and 20% of global LNG transit daily.
Any disruption to maritime traffic in this strategic region could lead to a chain reaction of global fuel price increases, with immediate consequences for Greek fuel and electricity markets.
Since the escalation of hostilities, wholesale gasoline prices have increased by €18 per cubic meter, and diesel by €36 per cubic meter. Market analysts anticipate a further increase of around 1.4 cents per liter for petrol and 3 cents for diesel, reflecting the volatile geopolitical developments.
Worst-Case Scenarios
Petroleum sector insiders warn that if Iran successfully blocks tanker access through the Strait, oil prices could soar to $130 per barrel, as projected by JPMorgan in its worst-case scenario. Such a development would have catastrophic implications not only for global markets but also for Iran itself, which exports 4 million barrels of oil daily, 3.5 million of which go to China.
Price Forecasts
Short-Term: Expected increase of €0.05 to €0.10 per liter for petrol.
Mid-Term: If the strait is closed, prices could surge by €0.30 or more per liter.
Domestic Impact: Households, businesses, and the transportation sector may face significantly higher energy costs.
