- Title: Greece to cap profit margins on fuel, supermarkets, amid Iran war
- Date: 11th March 2026
- Summary: ATHENS, GREECE (MARCH 11, 2026) (REUTERS) VARIOUS OF PRODUCTS ON SUPERMARKET SHELF (SOUNDBITE) (Greek) PENSIONER, KAITI MOUSTAKA, 64, SAYING: "Of course I'm worried, because the price increases have already, how can I put it, put many families in serious difficulty." VARIOUS OF FISH AT SUPERMARKET VARIOUS OF PRODUCTS (SOUNDBITE) (Greek) TEACHER, ZETA KONSTADOPOULOU, 23, SA
- Embargoed:
- Keywords: CYPRUS FOOD FUEL GREECE IRAN MIDDLE EAST OIL
- Location: ATHENS, GREECE
- City: ATHENS, GREECE
- Country: Greece
- Topics: Conflicts/War/Peace,Europe
- Reuters ID: LVA003296711032026RP1
- Aspect Ratio: 16:9
- Story Text:Greece on Wednesday (March 11) announced a cap on profit margins on fuel and products on supermarket shelves for three months to avert speculation from rising energy prices triggered by the U.S.-Israeli war on Iran.
Oil prices rebounded on Wednesday as markets doubted whether the International Energy Agency's plan for a record release of oil reserves could offset potential supply shocks from the conflict in the Middle East which has damaged key energy infrastructure in the region and severely disrupted oil flows through the Strait of Hormuz, a key shipping route for global energy.
"Obviously, we cannot address primary price increases, but we are certainly sending a message that this economic turmoil should not lead to profiteering," Prime Minister Kyriakos Mitsotakis said during a monthly meeting with the Greek president on Wednesday.
Greece, one of Europe's most indebted nations, is recovering from a 2009-2018 debt crisis, but rising food and housing costs have weighed on consumers in recent months.
Greek residents welcomed the move, saying prices were already too high on food products before the Iran conflict and were concerned about how developments would affect gas prices.
In a bid to stop fuel trading firms from taking undue benefits from surging energy prices at the expense of consumers, the Greek government said it will impose a cap of 12 cents per litre over the wholesale price of petrol and diesel on gas stations, while supermarkets will face fines of up to 5 million euros ($5.79 million) if their profit margins top the 2025 average. The measures will take effect immediately and last until the end of June, the government said.
(Production: Vania Turner, Deborah Kyvrikosaios) - Copyright Holder: REUTERS
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