Demand dives at the gas pump

Market data for March appear to confirm the most pessimistic forecasts for fuel demand in the month when measures were introduced to protect society from the new coronavirus.

From a year-on-year decline of 13 percent in the first week of March, gasoline sales went on to drop 20 percent in the second week when schools were closed, and recorded a 57 percent annual slump in the last week of March.

Therefore, after a very positive first couple of months this year, March saw gasoline record a yearly contraction of 33 percent in sales, which according to market estimates will be followed by an 80 percent slide this month, given that Greeks will not be allowed to travel over the Easter holidays as they usually do.

Diesel sales did not fall at the same rate as those of gasoline, showing a steady rate of descent of between 15 and 20 percent, with sales by the end of the...