11.03.2026 18:40
Greece announced that it will implement a price cap on profit margins in response to rising oil and food prices following the attacks by the US and Israel on Iran. Prime Minister Mitsotakis, who announced the new measures, emphasized that the economic turmoil should not lead to profiteering.
It has been reported that Greece will implement a ceiling profit margin on oil and food to combat rising prices following the attacks by the US and Israel on Iran.
NEW MEASURE FROM GREECE
Prime Minister Kyriakos Mitsotakis stated before his monthly regular meetings with Greek President Konstantinos Tasoulas that the economic consequences of the situation in the Middle East are also significant for his country beyond the geopolitical dimensions.
Mitsotakis announced that a ceiling profit margin will be implemented for profit margins on oil and product prices in supermarkets.
"ECONOMIC CHAOS SHOULD NOT PROVIDE OPPORTUNITY FOR PROFITEERING"
Mitsotakis, stating that price increases cannot be prevented, said, "We are sending a message that this economic chaos should not provide an opportunity for profiteering."
Later, speaking at a special press conference on the matter, Deputy Prime Minister Kostis Hatzidakis noted that they will examine the economic consequences of the situation in the Strait of Hormuz and the Middle East with other European Union (EU) countries and make decisions accordingly.
"WE WILL USE ALL THE TOOLS AT OUR DISPOSAL"
Hatzidakis, stating that there is currently no shortage of oil supply for Greece, said, "We will use all the tools at our disposal to combat profiteering."
Greek Minister of Environment and Energy Stavros Papastavrou also announced that a ceiling price will be set for profit margins on oil by June 30, stating that the profit cannot exceed 5 cents per liter for wholesale sales and 12 cents per liter for retail sales at gas stations.
Development Minister Takis Theodorakis indicated that the ceiling profit margin application will also apply to food, stating that those who do not comply with this regulation could face fines of up to 5 million euros.