Fuel prices could face further increases in Cyprus if international oil prices remain at $110 a barrel over the coming days, the president of the Pancyprian Association of Petrol Station Owners, Savvas Prokopiou, has warned.
Speaking on state radio, Prokopiou said sustained high international oil prices could lead to new increases in the domestic market.
Petrol stations respond to heating oil tax cut claims
Prokopiou was also asked to comment on allegations by the Cyprus Consumers Association that some petrol stations had failed to reduce heating oil prices by the full amount expected following a cut in excise duty.
The association reportedly claimed that some stations had either made smaller reductions than required or had even raised their prices.
Prokopiou said petrol station owners generally reduce prices immediately when a tax cut takes effect. He expressed the view that the vast majority of operators had acted appropriately.
Further increases depend on international oil prices
The outlook for fuel prices will depend in part on how international oil prices move over the coming days.
If crude oil remains at around $110 a barrel, further domestic increases may follow, Prokopiou said.
Also read: Cost of living: Monthly family costs and Cyprus’ most expensive city
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