Oil and Gasoline Prices Surge – Eurogroup Meeting

Oil prices are rising, with Brent exceeding $110 a barrel, levels not seen since February 2022. Gasoline is approaching €2 per liter, and the Eurogroup is meeting to discuss the implications.

Brent reached as high as $119.50 a barrel in Asian markets, and the U.S. West Texas Intermediate (WTI) reached $119.48 a barrel.

In Greece, the average price of unleaded gasoline has reached almost €1.80 per liter, exceeding €2 in island regions. Diesel in Attica is nearing €1.9 per liter.

Intensified controls on the fuel market and basic goods stocks have already been announced, and the reintroduction of a cap on profit margins and the fuel pass are being considered.

The Eurogroup, under Κυριάκος Πιερρακάκης, will discuss the impact on energy prices and inflation, as well as strengthening the resilience of European economies.

IMF chief Kristalina Georgieva warned of the inflationary risks from the war in the Middle East, saying that a 10% increase in oil prices would lead to a 40 basis point increase in global inflation.