Greece imposes three-month profit margin caps on fuel and key foods to prevent price gouging amid Middle East conflict and rising oil costs.

ATHENS: Greece will impose a three-month cap on profit margins for gasoline and a range of essential food items.

Prime Minister Kyriakos Mitsotakis announced the measure, citing the need to prevent “profiteering” as the Middle East war fuels fears of a price surge.

The government is “vigilant” for further economic effects of the conflict. Mitsotakis warned retailers against artificially increasing margins when international prices rise.

The cap will limit the maximum profit that targeted sectors, including gas stations and supermarkets, can make on consumer retail sales.

Ministers are set to finalise the details of the measures. Mitsotakis has, for now, ruled out more drastic steps like the outright fuel price caps seen in Croatia and Hungary.

Oil prices resumed their upward trend, driven by the war’s impact on a crucial transport route. The conflict is paralysing the Strait of Hormuz, a vital passage for oil and gas, following recent attacks on ships in the area.

 The Sun Malaysia