Greece: Fuel sector’s poor results due to pandemic

, SEE Energy News

December’s figures, which turned to be the worst month of 2020 by far, have cemented the poor results of the fuel sector as the fuel market has been hit the hardest among the energy sector by the coronavirus pandemic.

Petrol sales are expected to end December 40 % lower compared to the same month last year, diesel sales are projected to drop by 15 %, while heating oil demand dropped by 50 % this month compared to December 2019. Overall, fuel sales are projected to end 40 % lower in December and 6 % lower for the entire 2020.

Though Greece’s current lockdown has permitted transportation within the region until an evening curfew, the ban on long-distance movement, from province to province, has been a major setback for fuel sales. In addition, the pandemic-induced slump of the tourism sector, a major source of revenue for Greek fuel market, has also impacted fuel sales. Projections for the first quarter of 2021 are not optimistic, as fuel retailers believe lockdown restrictions will continue to be enforced. A recent 7 % tax increase on fuel, introduced to support green energy, is another setback for the fuel market.