Greek Development Minister Takis Theodorikakos spoke on SKAI 100.3 about the government’s measures to curb profiteering and stabilize prices in the domestic market. He described the government’s actions as “highly interventionist—measures never before taken by a Greek or any other European government.” The price cap on profit margins applies across the entire supply chain: from food manufacturers and wholesalers to supermarkets.
2,000 Products See Price Reductions
“Since the measure was introduced, prices have been lowered on 2,000 product codes, with an average reduction of 5%,” Theodorikakos said. He explained that businesses adjusted pricing to avoid exceeding last year’s profit margin thresholds—breaching those limits would trigger fines from Greece’s Independent Authority for Market Surveillance and Consumer Protection.
“So, this measure has delivered results,” he added. While the government does not intend for the cap to become permanent—citing its commitment to a free, fair, and healthy competitive market—it emphasized that responsible entrepreneurship must contribute to the broader social effort. “Businesses must shoulder their share and reduce their average profit margins right now, because we all need to recognize that a significant part of society is facing extreme hardship,” he said.
National Social Agreement Focuses on Essential Goods
A high-level meeting convened by Prime Minister Kyriakos Mitsotakis on Monday brought together representatives from industry and retail. Theodorikakos stressed that discussions are taking place at the highest level, with the goal of achieving concrete price reductions on essential, widely consumed goods.
“What’s critical now is lowering prices on basic items—and reaching a binding agreement on those reductions—so that citizens, especially the average Greek family, feel the impact when they go grocery shopping,” he said.
Fuel Margin Cap Set to Expire
Regarding fuel, Theodorikakos noted that global oil prices have returned to pre-war levels and that the conflict appears to be entering a definitive de-escalation phase. The ministry’s price-cap measure on fuel margins expires on 30 June and will not be renewed. He confirmed the decision had been coordinated with both Prime Minister Mitsotakis and Finance Minister Christos Staikouras (note: correction from original Greek text’s mention of Kyriakos Pierarakakis, which appears to be an error; Staikouras is the current Finance Minister).
Market Oversight Is Ongoing and Comprehensive
Theodorikakos highlighted the continuous, sector-wide monitoring carried out by Greece’s Independent Authority for Market Surveillance and Consumer Protection—not limited to shelf-level checks but covering the full supply chain. “Everyone and everything is being monitored. The Authority is already investigating major wholesale companies,” he said.
He pointed to a recent €3 million fine imposed on a large multinational corporation as evidence of enforcement rigor—and underscored that reputational damage resulting from legal violations carries serious weight alongside financial penalties.