Greece has imposed emergency profit-margin caps on fuel and essential goods, backed by fines of up to €5 million for retailers found to be "profiteering" from the Middle East energy crisis, according to Development Minister Takis Theodorikakos.
In an interview with broadcaster Open, Mr. Theodorikakos confirmed the temporary caps on gasoline, diesel, and basic food items will remain in effect until June 30.
The move comes as the government classifies the current market volatility as the most severe economic threat since 2019, driven by the effective closure of global oil and gas hubs.
"We have a series of measures to address profiteering phenomena," Mr. Theodorikakos said, specifically citing diesel prices as a primary concern.
With 55% of the nation’s freight fleet relying on the fuel, any price spike at the pump risks a secondary inflationary wave across the entire supply chain.
To bolster transparency, the minister announced a €3,000 subsidy for gas stations to install mandatory inflow-outflow monitoring systems.
While fuel retailers have agreed to cooperate, the Independent Market Control Authority (AЕAPK) has been granted expanded powers to enforce the margins.
Mr. Theodorikakos noted that market violations have already resulted in over €20 million in fines, including €5.5 million leveled against multinational firms.
While the opposition PASOK party has offered rare support for the anti-profiteering framework, Mr. Theodorikakos emphasized that Greece is also lobbying Brussels for greater fiscal flexibility to cushion the blow of $116-per-barrel oil.
"We have proven we can manage difficult situations," he said, noting that despite regional instability, Greece recorded the lowest food inflation in the EU for five months last year.