The sharp surge in global oil prices is signaling a harsh winter ahead for thousands of Greek households, which may soon be forced to dig deep into their pockets to afford heating oil. According to estimates from Michalis Kioussis, President of the Hellenic Federation of Petrol Station Owners, if heating oil were available for sale today, its price would stand at €1.83 per liter — an increase of nearly 70% compared to last year’s starting price of around €1.09–€1.10 per liter.
A ‘Golden’ Burden on Households
At €1.83 per liter, filling a standard 1,000-liter tank would cost €1,830 — up from roughly €1,085–€1,090 last October. That represents an additional outlay of up to €750, effectively equivalent to one full monthly salary for many Greek workers. Such a jump places extraordinary pressure on household budgets, especially given stagnant or modest wage growth across much of the country.
Global Market Pressures Mount
Brent crude — the international benchmark — is currently trading near $94 per barrel, up sharply from under $80 just 15 days ago. With no clear signs of easing in global oil markets, further upward pressure on fuel prices, including heating oil, remains highly likely. The official start of the heating oil distribution season is set for 15 October, and the coming weeks will be critical in determining whether prices stabilize — or continue climbing — before then.
A Sharp Contrast with Last Year
Last October, when gasoline was priced at €1.65 per liter (and now approaches €2.05), heating oil launched at an average of €1.09–€1.10 per liter — broadly in line with the prior year. Significant price hikes only emerged later, following geopolitical tensions linked to threats of conflict in Iran and, more dramatically, after the outbreak of war in the Middle East in 2026. By April that year, heating oil had spiked to €1.85 per liter — up from €1.07 in January — triggering a steep drop in consumer demand.
With markets volatile and uncertainty high, Greek consumers are watching international developments closely, hoping for relief — but bracing for what many are already calling a ‘golden’ (i.e., prohibitively expensive) heating season.