Fuel market slumps further in first quarter

Fuel sales continued in the first quarter of the year the decline recorded in 2017, while the sector pins its hopes for a market recovery on tourism and the measures for containing smuggling phenomena.

Sources from the Hellenic Petroleum Marketing Companies Association (SEEPE) say that fuel consumption in the first three months of 2018 declined 11 percent year-on-year, due to the drop in heating oil sales thanks to the relatively warm winter conditions. Gasoline and diesel were more or less on the same level as last year, possibly with a marginal increase.

The same sources noted that the comparison is made with a particularly low-performing quarter of January-March 2017, as in end-2016 - ahead of the tax hike -

many consumers rushed to stock up on fuel such as heating oil, leading to particularly low sales in the following months.

Official data show...

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