Greek Companies Question 6%-7% Price Cuts as Oil Tops $90 Ahead of Sept. 1 Plan
Updated
Updated · tovima.com · Jul 22
Greek Companies Question 6%-7% Price Cuts as Oil Tops $90 Ahead of Sept. 1 Plan
3 articles · Updated · tovima.com · Jul 22
Summary
Greek manufacturers are still expected to join a new consumer-goods discount program from Sept. 1, but industry sources say average cuts will likely be limited to 6%-7%.
Oil above $90 a barrel and renewed Strait of Hormuz tensions tied to the U.S.-Iran conflict have raised fears that energy costs could climb again before the reductions take effect.
July 27 is the deadline for companies to tell the government which products they will include and how deep the cuts will be, leaving businesses little time to price in volatile costs.
Prime Minister Kyriakos Mitsotakis said the government can try to cushion imported inflation, but cannot fully offset the pressure on households and businesses from global energy shocks.