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Market worried consumers will build up heating oil reserves October 10, 2007

Posted by grhomeboy in Business & Economy, Energy.
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Fuel traders warned yesterday of the risk of the accumulation of large reserves of heating oil in coming months, after the government backtracked on its attempt to level the taxes on diesel and heating oil, postponing it to January 2008.

Already, data from the Association of Oil Trading Companies in Greece (SEEPE) shows that within just one week of the announcement of the government’s intentions, the reserves for agricultural use of oil have risen fivefold as farmers rushed to obtain significant quantities before the new measure would have been enforced on October 15.

Market players suggest this phenomenon will spread by the end of the year, causing irregularities in the market and posing safety risks.

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