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Retail Salesπncreasing by 25,6%For the third consecutive year Aegean Oil has posted the largest sales increase in thedomestic market, according to data made public by the Greek Development Ministry.In 2002 there was a 25.6% increasein Aegean Oil’s petrol station fuelsales, which reached 335,010 metrictons—up from 282,708 metric tonsin the previous year. The sales increasehas continued at the same rate duringthe first four months of 2003, and thecompany's investment program shouldincrease the number of Aegean petrolstations from 280 to 300 by the end ofthe year. Although most of Aegean’spetrol stations are in Northern Greece,the company is now expanding to southernand western Greece. In 2002, accordingto Ministry of the Developmentdata, Aegean ranked seventh among 19Greek petroleum product companies.Retail NewsSTATION HOURSThe working hours of the petrol stationshave been determined by a newministerial decision. Petrol stationswill be open during the day for fourteen(14) hours without break (06.00– 20.00) from October to April andfor fifteen (15) hours without break(from 06.00 – 21.00) from May toSeptember.The Prefects will decide on whichgas stations in each prefecture will beopen for the remaining hours of theday, in addition to hours noted here.According to the above provisions, thenumber of petrol stations open duringthe night cannot be less than 10% andmore than 20% of the total number ofpetrol stations in each prefecture. OnSundays and holidays, only petrol stationsdetermined by decisions of therelative Prefects will be open. Thenumber of these petrol stations cannotexceed 50% of the total number ofpetrol stations in each Prefecture.GLOBAL PRICE TRENDSAccording to a recent ChevronTexacoreport, in Australia, a liter of gasolinestands at $1.10 (US $0.66). In the UnitedKingdom, unleaded gasoline hasrisen to almost 80 pence (US $1.24) aliter. And, prices have moved past $2 agallon ($.52 a liter) in some parts of theUnited States – the largest market forgasoline, consuming 9 million barrels ofgasoline a day, 44 percent of the world’stotal consumption, according to the U.S.Energy Information Administration.PRICE FACTORSMarket prices are determined by supply,demand and competition. And,this year, a confluence of factors, accordingto the American PetroleumInstitute, has led to a rise in crude oilprices and corresponding hikes to theprice at the pump.18 AEGEAN NEWS SPRING 2003