Regulated prices of oil derivatives will rise to highest level this year starting on 26 October, as the government decided not to offset rising global oil prices with lower excise duties.

Regular petrol will be sold at €1.588 per litre, up 3.7 by cents and the highest price since July 2021, while diesel will be at a near one-year high of €1.664 per litre, up 6.4 cents.

Heating oil will cost €1.249 per litre, up by 6.8 cents. The last time it was so expensive was in November last year.

The prices will be in force until 9 September, the Environment Ministry announced.

Oil derivatives' prices change every two weeks depending on the euro-dollar exchange rate and the wholesale prices of oil derivatives on Mediterranean markets.

While the price of heating oil is regulated regardless of point of sale, petrol and diesel prices are only regulated outside the motorway network.