Regulatory Framework

Pursuant to Law 3054/02, RAE renders an opinion on several issues regarding the operation and monitoring of the petroleum market. The most important of these are:

RAE renders an opinion to the Minister of Development on the publishing of the Licensing Regulation and the Regulation on Petroleum Stock-holding.
RAE participates in the Oil Crisis Management Committee, whose primary mandate includes the collaboration with international organizations and the regulation of all the issues related to the release of safety stock in case of a crisis.
The license holders are required to report information to RAE relating to petroleum and biofuels prices, according to the relevant Ministerial decision.
RAE renders an opinion to the Ministers of Development and Finance on the setting of price caps on petroleum products and biofuels, country-wide or locally, to counter adverse effects that may be caused to the economy due to high international oil prices or due to unsatisfactory competition.
The License holders who have been granted a license according to the provisions of Law 3054/2002 are required to provide to RAE any data or information on their activities in the petroleum sector, including specific details on the prices and the quantities of petroleum products transported by them as well as on data related to third party access to certified stockholding facilities and transmission pipelines.
Upon authorization from the Minister of Development, RAE may publish data on prices or compensation for third party access to certified stockholding facilities.
Pursuant to Law 3784/2009 (Gazette Issue A’ 137/7.8.2009) and Law 3851/2010, the following responsibilities have been assigned to PAE:
• Monitoring of compliance with the obligation to provide third party access to certified stock-holding facilities.
• Rendering an Opinion to the Minister for the extension of third party access regime to other type of infrastructure not referred to in paragraphs 1 and 3 of Article 10 of Law 3054/2002.
• Putting forward to the Hellenic Competition Commission data that may indicate harmonised practices or other distortions of fair competition in accordance with the provisions of Law 703/77 (Official Gazette Issue A’ 278).