The Greek government will cap profit margins on fuel and supermarket products for three months, Prime Minister Kyriakos Mitsotakis announced on Wednesday, in a bid 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 not yet reached the pumps, but fuel prices have surged as energy markets reacted to risk.
Heating oil increased by 17.41% within a week, while road diesel rose by 15.26%, according to the Independent Market Monitoring Authority.
The spike in fuel prices has also had a spillover effect on some food products, especially in Greece’s countryside.
“This turmoil must not lead to instances of profiteering… We remain vigilant for any further repercussions of the crisis,” Mitsotakis said during a meeting with the Greek president, Konstantinos Tasoulas.
Local media also report that thorough inspections will be carried out to detect instances of profiteering in the market.
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