Key facts
- Greece is implementing temporary price cuts for petrol and diesel.
- Petrol prices will decrease by 10 cents per liter, and diesel by 5 cents per liter.
- These measures are a response to rising energy costs driven by global market disruptions.
- Approximately 60 countries have enacted nearly 200 policies to manage the energy crisis.
- The crisis stems from Iran blocking the Strait of Hormuz, a critical global trade route.
Greece has announced temporary reductions in petrol and diesel prices, with petrol set to decrease by 10 cents per liter and diesel by 5 cents per liter. Prime Minister Kyriakos Mitsotakis stated the measure aims to ease the strain on household budgets caused by rising energy costs.
The global energy crisis has been exacerbated by the conflict involving the US, Israel, and Iran, which began in late February. Iran's blockade of the Strait of Hormuz, a crucial chokepoint for approximately one-fifth of global oil and liquefied natural gas (LNG) trade, has led to significant supply disruptions and soaring prices. The International Energy Agency has described this as the "largest supply disruption in the history of the global oil market."
In response, at least 60 countries have implemented nearly 200 emergency policies to mitigate the impact of the crisis. These measures include fuel tax cuts, efforts to boost domestic energy supplies, and, in some Asian nations heavily reliant on Middle Eastern fossil fuels, driving bans, fuel rationing, and school closures to reduce demand. Despite a temporary ceasefire, the energy crisis is expected to persist due to extensive damage to infrastructure and ongoing uncertainties.