Global oil prices continue to fall, driven by easing geopolitical tensions—particularly the U.S.-Iran peace agreement—and increased tanker traffic through the Strait of Hormuz. This downward trend is reflected in lower Brent crude prices, now trading below $76 per barrel—the same level seen during the first week of March, when the war in Iran began.
Falling Fuel Prices, Uneven Recovery
While both gasoline and diesel prices are declining, they’re doing so at different paces. In Greece, wholesale fuel costs are gradually easing, and a government subsidy of 15 cents per liter on refinery-level diesel pricing—effective until end-June—is further supporting the drop.
Nationally, the average price of unleaded 95-octane gasoline stands at €1.928 per liter, while diesel is priced at €1.629 per liter—down 21 and 19 cents respectively over the past month.
Still Short of Pre-War Levels
Although prices have retreated from their May peak, they remain significantly above pre-war levels. On the day hostilities began, gasoline was priced at €1.752 per liter and diesel at €1.568 per liter. The remaining gap to close is approximately 18 cents for gasoline and just 6 cents for diesel—highlighting diesel’s faster recovery.
As of February 28, these were the national average fuel prices across Greece.