🎈 Up Big Today: Find today's biggest gainers (some over 50%!) with our free screenerTry Stock Screener

Greek farmers on tractors protest 'unbearable' fuel, fertilizer costs

Published 03/18/2022, 01:29 PM
Updated 03/19/2022, 06:26 AM
© Reuters. Greek farmers hold a placard during a demonstration against fuel and fertilizer costs affected by the Russian invasion of Ukraine, in Athens, Greece, March 18, 2022. REUTERS/Louiza Vradi

ATHENS (Reuters) - Hundreds of Greek farmers, some on tractors, protested in Athens on Friday, demanding more tax cuts and subsidies to combat high fuel and fertilizer prices which have soared since Russia's invasion of Ukraine.

The farmers, who staged weeks of protests over high energy prices earlier this year, say their costs are so high they will be forced to produce less and also raise prices for consumers.

The government has so far spent about 3.7 billion euros ($4.08 billion) since September to alleviate pain from soaring energy and fuel costs for farmers, households and businesses.

It cut a sales tax on fertilisers by 46% to 13% and on Thursday announced it would be lowered further, to 6%, and also announced a tax rebate on fuel for agricultural vehicles.

Farmers say the measures do not go far enough and everything has become too expensive, from fuel to animal feed.

"Our survival is really at stake this year," said one protester, Giorgos Laoutis. "With the cost of production, electricity, agricultural supplies, fuel."

Farmers from across Greece joined the rally. Some protesters hung black flags on shepherd's crooks or sticks.

"The situation has become unbearable," said another farmer, Diamanto Kritikou.

"We can't work our fields, we can't cultivate, we can't put gas in our vehicles, and (we can't buy) seeds, fertilizers... there will be a problem with food supply in the country," she said.

Russia's invasion of Ukraine has driven retail gasoline and diesel prices to record highs.

Russia is also a big producer of potash-, phosphate- and nitrogen-containing fertilisers, and a leader in fertilizer exports, accounting for 13% of world output.

This month, its trade and industry ministry told the country's fertilizer producers to temporarily halt exports.

© Reuters. Greek farmers hold a placard during a demonstration against fuel and fertilizer costs affected by the Russian invasion of Ukraine, in Athens, Greece, March 18, 2022. REUTERS/Louiza Vradi

As a result of the conflict in Ukraine, the United Nations food agency said last week that international food and feed prices could rise by up to 20%.

($1 = 0.9062 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.