The Greek government has imposed a temporary cap on profit margins for fuel and supermarket products to prevent profiteering as global energy prices surge amid tensions in the Middle East.
Prime Minister Kyriakos Mitsotakis said the measures will remain in place for three months, after heating oil prices rose by 17.41% in a week and road diesel increased by 15.26%, according to Greece’s Independent Market Monitoring Authority.
“Obviously, we cannot address primary price increases, but we are certainly sending a message that this economic turmoil should not lead to profiteering,” Mitsotakis said during a meeting with President Konstantinos Tasoulas.
Under the new rules, petrol and diesel profit margins at service stations will be capped at 12 cents per litre above wholesale prices, while supermarkets face fines of up to five million euros if profit margins exceed their 2025 averages. Authorities said the measures will remain in force until the end of June, with inspections planned.
Development Minister Takis Theodorikakos stressed that “profits are legitimate but profiteering is not.”
Meanwhile, Australia has introduced emergency measures to boost fuel supply as analysts warn petrol prices could climb significantly if the conflict disrupts global oil markets.
The federal government will temporarily lower fuel quality standards for 60 days, allowing higher-sulphur fuel normally produced for export at the Ampol refinery in Brisbane to be sold domestically.
Energy Minister Chris Bowen said the move would help ease shortages, particularly in regional areas affected by panic buying.
“It is a practical action to help farmers, to help regional Australians through this immediate crisis,” Bowen said.
The measures come as analysts warn oil prices could surge sharply if attacks in the Strait of Hormuz, a critical shipping route carrying around one-fifth of the world’s oil, continue.
Source: European Conservative, The Australian
