The measures were presented by Deputy Prime Minister Kostis Hatzidakis, Environment and Energy Minister Stavros Papastavrou and Development Minister Takis Theodorikakos.
Hatzidakis said there was no issue of supply adequacy, noting that 20 to 25 per cent of global oil passes through the Strait of Hormuz, but that Greece does not source its supplies from that region. He said the government was monitoring developments and would act once there was a clearer picture.
Papastavrou announced that a legislative act, expected to be published later tonight, would impose a cap on fuel profit margins until 30 June 2026.
Under the measure, wholesale profit margins may not exceed five cents per litre, while petrol stations will be banned from charging more than 12 cents per litre. A special provision will also apply to the islands.
Theodorikakos said a cap would also be imposed on food and basic necessities until 30 June, after which a decision would be taken on which products the measure will remain in force for.
Under the measure, no one will be allowed to sell a product with a higher gross profit margin per code than the average recorded in 2025.
Fines for violations will reach up to €5m, depending on the size of the business and the amount of excessive profit involved.
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