The price of gasoline in Greece over the last 5 years

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The average price for unleaded gasoline in Greece is constantly above 2 euros/liter from March onwards, reaching an all-time high in June 2022. On rising fuel prices, the gap between the unleaded 95-octane and the 100-octane gasoline has narrowed, while the largest percentage change compared to last year’s prices is with respect to diesel fuel.

The average price for 95-octane unleaded gasoline in Greece is constantly above 2 euros per liter from March 8th 2002 onwards, that is, twelve days since the Russian invasion of Ukraine, when it climbed for the first time to 2.031 euros/liter, according to data from more than 4.000 gas stations throughout the country. On the same day, the average price for unleaded 100-octane gasoline in our country rose to 2.174 euros/liter from 2.001 euros/liter already since February 11th 2022, that is to say approximately two weeks before the outbreak of the war in Ukraine. The average price for diesel reached and slightly rose to just over 2 euros/liter at the end of March and, while in days ahead it decreased, it seems to remain at levels above 2.010 euros/liter on a daily basis from June 10th 2022 onwards.

The above information, as well as the overall data on the evolution of the unleaded gasoline and diesel price in Greece over the last five years, reflected in the following graphs, are from the Daily Fuel Prices Bulletins (for all Greece and per prefecture), published on a daily basis in the Fuel Retail Price Observatory from March 14th 2017 onwards.

As illustrated, there has been a significant reduction in the gap between the average price for unleaded 95-octane gas and for 100-octane gas from March 2022 onwards, compared to their spread over time for the past five years, suggesting that possibly the price increase is not proportionate. Indeed, as indicated by the data analysis, in 2022 the percentage increase in the average price for diesel, compared with the previous year, is remarkably higher than the annual change in the average price for unleaded gasoline. In turn, already since March 2021, the average price for unleaded 95-octane gasoline rises more than the price of unleaded 100-octane gasoline compared with the year before each time.

When comparing specifically the unleaded 95-octane gasoline price volatility per year, one can establish its significantly broader price range for 2022 compared to previous years; this is probably linked to the significant price increase from March 2022 onwards in particular, with respect to their already increased levels in the first two months of this year alone.

The distribution of the price of unleaded 95-octane petrol per year

The chart derives from time series data. That is, the boxplot shows the range of average values for each day of each year. Since there may be autocorrelation between the values, i.e. the average value of one day may be influenced by the average value of another, the range shown in the box plot may also be affected. Therefore, the graph is provided for the purpose of indicative comparison between years. For 2017, data from 14 March onwards are included. For 2022, data up to 10 July are included.

Looking at the day-by-day data on the average price for unleaded 95-octane gasoline per prefecture, it appears that the highest prices for unleaded gasoline are recorded in Cyclades and Dodecanese throughout 2022, well above the national weighted average. On the contrary, relatively lower prices in comparison are recorded in Athens and Thessaloniki, although the cost for gasoline in both prefectures reached the national average cost in March 2022.

This publication is based on open machine-readable datasets which have been made available by iMEdD Lab, according to the information enclosed in the .pdf files of the Daily Fuel Prices Bulletins published by the Fuel Retail Price Observatory. You may find those datasets here, along with more information about them, and in the relevant repository on the iMEdD Lab’s account on GitHub.

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