Greece to cap profit margins on fuel, supermarkets, PM says

Greece will impose a cap on profit margins on fuel and products on supermarket shelves for three months to fight speculation from rising energy prices as a result of the U.S.-Israeli war on Iran, Prime Minister Kyriakos Mitsotakis said on Wednesday.

“This turmoil should not lead to profiteering,” Mitsotakis said during a monthly meeting with the Greek president.

Oil prices rebounded on Wednesday as markets doubted whether the International Energy Agency’s reported plan for a record release of oil reserves could offset potential supply shocks from the conflict in the Middle East.

The Greek government is expected to spell out the measures later on Wednesday.