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Energy Expert Warns of Significant Fuel and Electricity Price Increases

Published March 16, 2026, 12:20
Energy Expert Warns of Significant Fuel and Electricity Price Increases

Energy expert Charalambos Ellinas warns of a significant increase in gasoline, diesel, and electricity prices due to the disruption of 10 million barrels of oil per day since the start of the war in Iran. Mr. Ellinas expresses concern about the inability to immediately replenish this amount and points out the serious impact on global supply. He suggests that the government impose a cap on the profits of gas stations and VAT, allowing only the increase in import costs to be passed on to the price. He also points out that the Strait of Hormuz is almost closed, further limiting the oil supply. The price of oil has already reached $106 and is estimated to reach $150-200 per barrel if the crisis continues for three months. In addition to oil, the price of natural gas is also affected, having risen to €52 per megawatt-hour, as well as the production of fertilizers and other materials.