Greek refineries have committed to contributing €40 million — €20 million each from HELLENIQ Energy and Motor Oil — to help curb rising fuel prices, according to Deputy Prime Minister Kostis Hatzidakis. Speaking on ERTnews, Hatzidakis explained that the government acted swiftly in coordination with the two major refining groups following upward price trends observed since early July. The move comes in response to recent volatility in global fuel markets, including increased international demand driven by tourism, Russia’s diesel export ban, and delays in restoring refinery operations in the Middle East.
Price Reductions Effective Next Week
The €40 million contribution will fund a temporary reduction in retail fuel prices: 10 cents per litre for regular unleaded gasoline and 5 cents per litre for diesel — effective from next week until the end of August. Crucially, the measure carries no fiscal cost to the state.
Hatzidakis clarified that the reductions are calculated relative to current prices as of 10 July 2026. Since retail fuel prices fluctuate daily — reflecting changes in global benchmark prices and the euro–dollar exchange rate — the actual discount may vary depending on market conditions ahead of implementation. If international prices rise before the measure takes effect, the gap between pre- and post-intervention prices will narrow accordingly; if they fall, consumers stand to benefit from an even larger reduction.
“In all cases,” Hatzidakis stressed, “consumers should know they will pay 10 cents less per litre for gasoline and 5 cents less for diesel than they would have without this joint government–refinery intervention.”
Implementation Details Pending
Technical details of the scheme — including the mechanism for passing the discount to consumers — will be finalised in consultation with the Ministry of Finance and the refineries, and officially announced next week to ensure rapid rollout.
The Deputy Prime Minister also noted that fuel prices had recently eased following a diplomatic agreement in the Middle East, visible on the official fuel pricing portal fuelprices.gr, which publishes daily updates on international benchmarks, refinery gate prices, wholesale rates, and regional retail prices across Greece. However, renewed pressures have reversed that trend — prompting the government’s proactive response.
“Rather than wait, we chose to act immediately to keep prices in check,” Hatzidakis concluded.