Petrol/Fuel Prices Set To Rise In Greece – Thank The EU

Greece is apprantely sourcing 30% of it’s oil from Iran.

Why?

Iran is allegedly giving Greece payment terms which are much better than any other oil supplier.

But now the EU want to impose sanctions on Iran which entail a complete ban on the import of Iranian oil into Greece.

What does this mean for Greece?

At the very least a slight increase in fuel prices at worst fuel shortages.

If Greek fuel companies have to start paying for oil in advance it has the potential to put many of Greece’s domestic oil companies out of business.

Whether the EU has alterntive solutions for Greece is unknown.

Personally, I doubt it. The EU is paranoid to the point of insantity over Iran, the issues fo Greek oil supply probably has not entered their minds.

 

Get the latest updates in your inbox