Petrol and diesel prices climb again
Cyprus fuel prices increased again on Friday as petroleum companies imposed a new round of hikes on transport fuels.
Petrol prices rose by 4.5 cents per litre, while diesel increased by six cents, marking the second wave of increases recorded within the same week.
According to Christodoulos Christodoulou, spokesperson for the Petrol Retailers Association, the total increase within the week has now reached 13 cents per litre for diesel and nine cents for petrol. Heating oil has also risen by eight cents per litre.
Concerns over further increases
Christodoulou said fuel prices remain at “manageable levels” for now but warned that further increases could follow if tensions in the Middle East continue to drive global oil prices higher.
He also noted that rising fuel costs create pressure not only for consumers but also for petrol station operators, who require larger amounts of capital to purchase fuel supplies.
Retailers oppose price cap on fuel
Commenting on the possibility of imposing a price cap on fuel, Christodoulou expressed disagreement with the idea, citing the already narrow profit margins for petrol retailers.
He said the profit margin for station operators in Cyprus is around 5.5 cents per litre, compared with roughly 17.5 cents per litre for retailers in Greece.
Instead, he suggested that any potential price cap should apply to wholesale fuel prices rather than retail prices.
Government leaves door open to intervention
Earlier, Energy Minister Michalis Damianos said the government remains ready to intervene if necessary and impose a fuel price cap should unjustified increases occur.
According to the Consumer Protection Service’s fuel price observatory, the average price of 95-octane petrol across Cyprus currently stands at €1.414 per litre, while diesel averages €1.559 per litre.
The cheapest price for 95-octane petrol nationwide is €1.335 per litre, while the highest reaches €1.496. Diesel ranges from €1.419 to €1.648 per litre.
Cyprus among lowest fuel prices in EU
Despite the recent increases, Damianos said retail fuel prices in Cyprus remain among the lowest in the European Union.
Following the outbreak of the war in Ukraine, fuel prices in Cyprus approached €2 per litre, prompting the government at the time to reduce excise tax to ease pressure on consumers.
Officials have not ruled out further measures if prices continue to rise, including potential adjustments to fuel taxation or other support measures.
Also read: Tehran strikes intensify as Trump warns of major attack
For more videos and updates, check out our YouTube channel
