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Economy

Greece’s Competition Commission Fuel Market Investigation Reveals Problems

ATHENS – Greece’s Competition Commission on Thursday announced that it expects to complete its investigation into the operation of the liquid fuel market in the country by the end of July but that the early indications “show the existence of a phenomenon of asymmetric price adjustment in the Greek market at the level of retail trade”.

According to the announcement, once it has a deeper understanding of the market’s operation, it will be able to make well-informed suggestions for increasing competition and lifting regulatory hurdles, “contributing in a scientifically supported manner to the public debate on drafting policies with the aim of strengthening free competition in the oil products sector.”

It did not rule out the possibility of imposing regulatory measures for the sector if it determines that conditions of effective competition do not exist.

According to the announcement, this involves the first “charting” of competition conditions in the sector, using the new tools added to its remit by legislation passed in 2022, which permit the commission to study conditions in any market or economic sector in the framework of exercising its role.

The charting process was launched on March 22 by the General Directorate for Competition in cooperation with specialist experts in Greece and data scientists, while in September 2021 the same authority had launched an inspection of the market for possible uncompetitive practices.

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