Fuel prices in Greece have recently returned to near pre-crisis levels, following a decline in international benchmark prices—and, subsequently, in refinery, wholesale, and retail prices at service stations. While global prices are falling, the pass-through to retail consumers takes time. A visible reduction in pump prices—especially for gasoline—requires a specific lag period.
Diesel Subsidy Played a Key Role
A major factor behind the more moderate decline in diesel prices has been the government’s price subsidy, introduced in April and gradually reduced as global prices fell. According to data presented yesterday (30 June 2026) by Giannis Aligizakis, President of the Association of Petroleum Companies, over the past four months—since the start of the war:
- International gasoline prices rose by 26.4% between 27 February and 26 June; diesel prices rose by 18%.
- Refinery prices increased by 12.1% for gasoline and 2% for diesel over the same period.
- Retail prices in Attica rose by 9.3% for gasoline and 1.8% for diesel.
Aligizakis noted that reductions in global prices typically take about four days to reach the retail level—roughly the time needed for service stations to replenish their stocks. He also described the diesel subsidy as highly effective, helping curb price hikes that would otherwise have had secondary effects on production and transport costs—and, ultimately, broader inflation.
Price Declines from Peak Levels
Compared to wartime highs, average gasoline prices have dropped by around €0.20 per litre, while diesel prices have fallen by more than €0.40 per litre.