No profiteering, says Consumer Protection Service
The Director of the Consumer Protection Service, Konstantinos Karagiorgis, stated that there is no evidence of profiteering in fuel prices. He highlighted that consumers have effectively benefited from the recent reduction in excise duty.
Karagiorgis explained that fuel pricing is based on costs imported into Cyprus and is monitored daily by the Consumer Protection Service. He stressed that fluctuations are dynamic, influenced by ongoing changes in Middle East markets, and noted that the tax reduction has led to average decreases of around 8 cents per litre for 95-octane petrol and 7.6 cents for diesel.
Fuel station associations respond
Savvas Prokopiou, President of the Pancyprian Association of Fuel Station Owners, acknowledged that some stations did not immediately apply the subsidy reduction, clarifying that most of these are not association members. He cited logistical challenges, such as applying price reductions during weekends or holidays, as reasons for the delays.
Prokopiou added that the majority of stations implemented reductions according to the data provided by their oil companies and noted frequent price adjustments due to regional oil market volatility.
Consumer association disputes explanations
Meanwhile, Marios Drousiotis, President of the Cyprus Consumers’ Association, criticised the Consumer Protection Service’s explanation, calling it an insufficient justification. He presented data showing that many stations applied lower reductions than the government-announced 8.33 cents per litre, with some failing to adjust prices until hours after the subsidy was announced.
Drousiotis emphasised that the Consumers’ Association tracked all 317 stations across Cyprus, documenting exact times and amounts of price adjustments, highlighting inconsistencies in subsidy implementation.
Calls for better monitoring
Both sides agree that monitoring and timely application of fuel subsidies are crucial. Drousiotis urged that the Consumer Protection Service should directly collect and verify station-level pricing data to ensure the intended benefits reach consumers.
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