The Greek government will cap profit margins on fuel and supermarket products for three months, Prime Minister Kyriakos Mitsotakis announced on Wednesday, in an effort to curb unjustified price increases.
The crisis in the Strait of Hormuz, one of the world’s key oil chokepoints between Iran and Oman, has yet to reach the pumps, but fuel prices have risen as energy markets reacted to the risk.
Heating oil rose 17.41% in a week, while road oil rose 15.26%, according to the Independent Market Monitoring Authority.
Rising fuel prices have also had a spillover effect on some food products, especially in rural Greece.
“This turmoil must not lead to cases of profiteering… We remain alert to any further consequences of the crisis,” Mitsotakis said during a meeting with Greek President Konstantinos Tasoulas.
Even the local media REPORT that full checks will be carried out to detect cases of profiteering in the market.
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