Greece Says Profit Cap Cut Prices on 2,000 Products by 5% as Fuel Curbs End June 30
Updated
Updated · tovima.com · Jun 26
Greece Says Profit Cap Cut Prices on 2,000 Products by 5% as Fuel Curbs End June 30
3 articles · Updated · tovima.com · Jun 26
Summary
2,000 product categories have posted price cuts averaging 5% since Greece imposed a profit-margin cap, Development Minister Takis Theodorikakos said.
The cap applies across supermarkets, wholesalers and food manufacturers, and companies lowered prices to avoid pushing margins above last year’s levels and risking fines from the market authority.
June 30 is the planned end date for the fuel profit cap, which Theodorikakos said will not be extended because oil prices are nearing pre-war levels and energy costs show signs of lasting decline.
€3 million was recently levied against a large multinational as inspections widened across the full supply chain, while the government presses industry and retailers for further cuts on essential goods.
The government says the cap is temporary and aims to restore a free but fair market, even as Theodorikakos folds the anti-inflation push into a broader political defense of Mitsotakis’s economic record.