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Greece to end fuel profit margin cap June 30
🇬🇷 Greece /Economy & Trade

Greece to end fuel profit margin cap June 30

From Ta Nea · () Greek

Translated from Greek, summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • The Greek government will not renew a cap on fuel profit margins, which expires on June 30.
  • Minister Takis Theodorikakos stated that the measure, which aimed to control profiteering and curb prices, has led to a 5% average price reduction on 2,000 products.
  • The government is pushing for price reductions on essential consumer goods through discussions with industry and retail representatives.

Greece is set to end a cap on fuel profit margins on June 30, a measure implemented to combat price gouging and control inflation. Minister of Development Takis Theodorikakos announced the decision, stating that the cap has successfully reduced prices on approximately 2,000 products by an average of 5% since its introduction.

The government views the measure as a temporary intervention, expressing a belief in a free and competitive market. However, Theodorikakos emphasized that businesses must contribute to the collective effort during this challenging economic period. He highlighted that many consumers are struggling significantly.

The measure we took has paid off.

— Takis TheodorikakosMinister of Development Takis Theodorikakos on the effectiveness of the fuel profit margin cap.

Discussions are ongoing at the highest level, involving the Prime Minister and representatives from industry and retail sectors, to achieve price reductions on essential consumer goods. The goal is to ensure that average Greek families feel the impact of these lower prices when shopping.

We must reduce prices on basic products and reach an agreement to lower these prices, so that the citizen, the average Greek family, feels it as much as possible when they go shopping at the supermarket.

— Takis TheodorikakosMinister of Development Takis Theodorikakos on the government's goal for price reductions on essential goods.

The fuel profit margin cap was introduced as international oil prices neared pre-war levels. The ministry, in consultation with the Prime Minister and the Minister of Finance, has decided not to extend this specific measure. The decision comes as international oil prices show signs of de-escalation.

In parallel, the Independent Authority for Market Supervision and Consumer Protection continues its rigorous checks across the entire supply chain, not just at the retail level. The authority has already fined a major multinational company 3 million euros, underscoring the penalties and reputational damage companies face for violating regulations.

The measure by the Ministry of Development that capped the profit margin on fuels expires on June 30 and we do not intend to renew it.

— Takis TheodorikakosMinister of Development Takis Theodorikakos announcing the end of the fuel profit margin cap.
DistantNews Editorial

Originally published by Ta Nea in Greek. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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