Timeline of Greek Fuel Prices 2020–2024
- DataForGreece
- 2024-11-10
Understanding the impact of global Key events on Greek fuel prices.
- April 2020 - COVID-19 Pandemic
Lockdowns caused a sharp drop in global oil demand, resulting in a significant dip in fuel prices during 2020 [1].
- May 2020 - Economic Recovery
As economies recovered from the pandemic, fuel demand rose, leading to a gradual price increase. Greece’s fuel prices mirrored this global trend, climbing steadily from pandemic lows [2].
- 2021 - Energy Crisis and Supply Constraints
Oil production lagged as demand returned, with supply chain disruptions and cautious OPEC+ production strategies creating a supply-demand imbalance. This led to steadily rising prices, especially as gas shortages drove energy costs higher [3].
- February 2022 - Russia-Ukraine War
Russia’s invasion caused a major disruption in energy supplies, especially in Europe, sparking a sharp price spike. Sanctions on Russian oil and fears over energy security amplified this surge [4].
- 2022 > - Price Stabilization
Europe diversified energy sources and sought alternative suppliers, leading to price stabilization. Additionally, economic concerns like inflation and central bank actions reduced demand, further helping prices to gradually decrease [5].
You can find the graph and related data here.
Sources
[1] International Energy Agency. (2020). Global Energy Review 2020. IEA.
[2] Hellenic Statistical Authority. (2020). Consumer Price Index Data. ELSTAT.
[3] Organization of the Petroleum Exporting Countries. (2021). OPEC Monthly Oil Market Report. OPEC.
[4] International Energy Agency. (2022). Oil Market Report - March 2022. IEA.
[5] International Monetary Fund. (2023). World Economic Outlook: Navigating Global Divergences. IMF.
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