The ongoing conflict in the Middle East has been prompting a concerning rise in energy prices, with oil and natural gas costs surging. This spike is expected to lead to increased prices for fuel, electricity, and essential goods, creating significant pressure on both households and businesses. Experts anticipate a possible broader rally in inflation over the coming days as international price movements continue to climb.

As of today, gasoline prices have increased by 2.5 cents, and diesel by 6.5 cents. Market analysts estimate that by the end of the week, the price of gasoline could reach €1.85 per liter, diesel €1.60 per liter, and heating oil €1.28 per liter. These rising costs contribute to fears among consumers regarding budget strains and potential shifts in spending behavior, as many may prioritize essentials over non-essentials.

In response to these price hikes, authorities have initiated extensive checks on fuel stations to combat potential price gouging. Over 700 inspections have been conducted since Saturday, revealing price inconsistencies at fuel stations on certain islands and remote areas across the country. The Independent Authority for Market Control is imposing fines on retailers found to be in violation of pricing regulations, aiming to stabilize the market and protect consumers during this tumultuous period.