The National Emergency Plan for Fuels will be enacted by the Government if Greece is in danger of running out of petrol.
The prospect of the National Emergency Plan being enacted came a step closer yesterday as talks about Greece's bailout ended in acrimony on Thursday, intensifying fears that the country was heading for bankruptcy and an exit from the euro.
The National Emergency Plan for Fuel which details a set of emergency response tools that can be used to regulate fuel supply in cases of emergency; under this plan the government can restrict the circulation of vehicles to restrict consumption and also impose limitations on fuel distribution through retailers.
Initially the plan involves the use of a three-month stock holding reserved to tackle emergencies.
In a later phase quantities of fuel secured by contracts already signed by Hellenic Petroleum will be channeled to the market to provide fuel for another three months, the plan provisions for the purchase of additional fuel quantities the cost of which will be covered by products refined by Hellenic Petroleum.
Grigoris Stergioulis, the CEO of Hellenic Petroleum, the country's largest oil company, stated that downstream oil emergences are managed and resolved by the industry and that the country has stock holdings much more that the 90 days reserves regulated by EU law. Stergioulis also stated that there is no immediate fear of fuel shortage.
Sources: Ta Nea, ANA - MPA