2024-05-08 10:24:56
The imperceptible fall recorded by the international price of Brent on Wednesday does not catch up with the Easter holidaymakers who, for the last two twenty-four hours, have made their way back. As Greek market players predicted two weeks ago, the price of gasoline did approach 2 euros, a trend that has been maintained until today. Despite the fact that POPEK expects a decrease in the wholesale prices of gasoline and diesel, the “high flights” of the last few days do not portend significant reductions at the pump.
Prices at gas stations vary greatly both in large urban centers and on the islands. For example, those returning from Corfu, which is considered a traditional Easter destination will have to fill up at prices from 1,986 to 2,063 euros per litre. In Rhodes simple unleaded ranges from 2.005 to 2.259 and in Mykonos from 2.195 to 2.277.
However, prices are moving at high levels in several Greek cities as well. In Kalamata prices range between 1.908 and 1.980, in Lamia between 1.909 and 2.037 and in Larissa between 1.859 and 1.997. However, gasoline has also exceeded 2 euros at gas stations in Thessaloniki, where prices range from 1.858 euros to 2.067, while in Athens prices start from 1.789 and reach 2.399 euros per liter.
Brent on hold amid volatile geopolitical developments
Brent fell slightly on Tuesday to $85 a liter as the war in Gaza continues.
Israel’s war cabinet voted unanimously to continue military operations in Rafah after rejecting a ceasefire proposal accepted by Hamas on Monday. Israeli forces seized the Rafah border crossing, prompting a response from Egypt, which brokered ceasefire talks. Israel is to resume cease-fire negotiations in Cairo “to exhaust the possibility of reaching an agreement on terms acceptable to Israel,” the office of Israeli Prime Minister Benjamin Netanyahu said.
Fluctuating geopolitical developments are keeping international oil prices higher despite volatility and fears about the direction of demand in the event of a generalized conflict in the region. It seems that the international market is more concerned about the supply and safe movement of goods, an issue that concerned the international community even before the start of the war in Gaza.
A truce in the seven-month war remains elusive, said Tamas Varga, an analyst at oil brokerage PVM. It is unclear whether a ceasefire would stop Houthi attacks on shipping in the Red Sea, the biggest risk to oil so far.
Oil prices have been volatile amid geopolitical risks in the Middle East for months, even though there has been no major disruption to crude supplies. Chevron CEO Mike Wirth said prices remained in a relatively stable range, but risk remains upside for oil because of the war’s proximity to the Strait of Hormuz, the world’s most important crude transit point.
“A lot depends on how things play out here, we’re all hoping for an end to the conflict,” Wirth told CNBC. However, as he estimated, the market remains extremely balanced between supply and demand.
Source insider.gr