Another flare-up in the Middle East, combined heat waves during the peak tourism season and Europe’s push to replenish natural gas reserves before winter is driving a new wave of increases across the energy sector and deepening uncertainty in global markets.
The pressure is already being felt by households and businesses. The nationwide average price of gasoline reached €1.977 per liter on Tuesday, about 14% higher than before the start of the war in Iran. Prices exceeded €2 per liter in 13 regional districts, with the highest level, €2.223, recorded in the Cyclades.
Diesel prices are also approaching €2 per liter nationwide, averaging €1.950, while exceeding that threshold in the Cyclades, Lefkada, the Dodecanese and Evrytania.
Electricity prices have also moved higher. The wholesale power price in July, through July 22, rose more than 24% compared with June, signaling higher August tariffs and increased household bills as air-conditioning demand climbs.
The rise is being fueled by high temperatures across Europe, tighter natural gas supplies and efforts to rebuild gas inventories ahead of winter. European storage facilities, which fell to 28% in April after the previous winter, have recovered to 54.3%, but remain about 20 percentage points below the historical seasonal average.
