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Meanwhile, Hellenic Petroleum issued a statement, responding to the publication of the Wall Street Journal. It states that the conclusions of the International Monetary Fund are the result of an incorrect calculation of the retail price of heating oil. During the summer months, the excise duty on heating oil is equal to that of transport fuel. During the winter months, its excise duty is lower, which is not mentioned in the report of the Fund. This is the reason for the incorrect assessment that am additional one billion euro burdens the market, the company stated.

As for the monopolization of the market by the two companies, Hellenic Petroleum stated, "There are two refineries in Greece and only one or none in other smaller European countries (Austria, Hungary, Bulgaria, Ireland, Portugal, Finland, Slovakia, the Czech Republic, etc.). 19 wholesalers of fuels are operating in Greece of which 13 are absolutely independent from the two refineries. There are also 6,500 petrol stations, which is much more than in larger European countries. This means twice as many stations per 1,000 citizens or 1,000 cars compared with the average value in European countries."

Regarding legal restrictions, the company notes that they have been removed for years and there is no ban on fuel import from commercial companies.

Hellenic Petroleum defines the report of the International Monetary Fund covered in the Wall Street Journal as incorrect and denies the lack of competition or the presence of anti-competitive practices. The company is adamant that the biggest problem in the country remains illegal fuel trade, which deprives the treasury of 500 million euro a year.

The Hellenic Competition Commission confirmed that high fuel prices in the country are largely due to the high taxation imposed in recent years. Currently, 57% of the price per litre of unleaded petrol is taxes. "Greece is second on the list of European countries with the highest fuel tax rate," the Commission emphasized. The UK is at the top of the list with a tax burden of 60% per litre of unleaded gasoline and the average value for the 27 European Union states is between 45% and 47%.