Petrol and diesel spike
Fuel prices in Cyprus have risen sharply over the past week due to the ongoing crisis in the Middle East. The average price of 95-octane petrol increased by 7.6¢ per litre to €1.426, diesel rose 13¢ to €1.592, and heating oil climbed 8.8¢ to €1.092 per litre, according to the Consumer Protection Service.
Electricity bills expected to rise
The Cyprus Electricity Authority (EAC) warns that continued high oil prices may push electricity bills up by 5% in May and 15% by August. EAC President Giorgos Petrou confirmed meetings with the President of the Republic are planned to discuss the situation, highlighting the inflationary pressure on supply chain costs.
Calls for fuel subsidies
Political parties and consumer groups are urging the government to reinstate fuel subsidies. The Cyprus Consumers’ Association estimates that reinstating subsidies could reduce retail fuel prices by 8.3¢ per litre for petrol and diesel and 6.2¢ for heating oil. Lawmakers from DIKO and environmental groups also stress the need for targeted support and measures to control fuel company profits.
Impact across the EU
Price increases are also being seen across the EU and the United States, affecting both transport fuels and electricity generation due to surging natural gas costs. The Consumer Protection Service notes that the Consumer Price Index has risen from 107 units in March 2022 to 117 units, reflecting broader inflationary pressures.
Also read: Cyprus Consumers Association calls for fuel subsidy return
For more videos and updates, check out our YouTube channel
