A new wave of fuel price hikes in Cyprus is causing serious concern among consumers, as fears grow over the impact on the cost of living.
According to Marios Drousiotis, President of the Cyprus Consumers Association, petrol prices began to rise on Thursday, with two companies increasing petrol by 2 cents per litre and diesel by 2.5 cents. Other suppliers are expected to follow in the coming days.
These price changes are not yet fully reflected at the pump, as existing stock is still being sold at previous rates. However, Drousiotis warned that if current global conditions persist, another round of increases may occur within 8–10 days.
“The fuel and energy sectors directly affect the cost of living,” he stressed, noting that salaries in Cyprus have remained stagnant for years while essential expenses keep climbing.
The ongoing crisis between Iran and Israel has destabilised international oil markets, with prices rising sharply, then retreating, only to rise again. Reports suggesting the US will not intervene directly have contributed to temporary de-escalation, but the outlook remains volatile.
Drousiotis also voiced concern about electricity prices, warning that even a 1 cent increase in fuel can cost Cypriot households an extra €9 million annually. A 10 cent rise could mean a collective burden of €90 million.
He cautioned against opportunistic price hikes in retail, stating that while current conditions do not justify major increases in goods, some businesses may take advantage of market fears:
“Unfortunately, once prices go up, they rarely come back down- even when the original cause has been resolved.”
Also read: Fuel prices rising in Cyprus amid Iran–Israel crisis
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