Fuel prices in Cyprus are expected to decrease over the next 10 days, following a recent decline in international oil prices, according to the President of the Cyprus Petrol Station Owners’ Association, Savvas Prokopiou.
Speaking to CNA, he said global oil market fluctuations have already begun to influence retail fuel pricing trends on the island, although with a short delay.
Global oil trends influence local prices
Prokopiou noted that international oil prices have experienced significant volatility in recent weeks, including a drop of around $10 to $15 per barrel.
He explained that changes in global markets typically take 10 to 15 days to be reflected in Cyprus, both in cases of increases and decreases.
The outlook for fuel prices therefore depends largely on international market stability and geopolitical developments affecting energy supply.
Expected reductions in the coming days
Despite recent increases in global oil prices, Prokopiou said that the overall trend points towards reductions at the pump in Cyprus within the next 10 days.
He stressed, however, that market conditions remain unstable and subject to sudden changes driven by external factors.
The fuel prices outlook remains uncertain, with both upward and downward pressures still present.
Volatile market conditions continue
According to the association head, oil markets remain influenced by unpredictable geopolitical and economic developments.
He warned that while short-term expectations suggest price decreases, optimism can quickly reverse depending on global events.
Prokopiou concluded that, based on historical trends, moderate reductions are likely, but overall conditions remain fragile.
Also read: Oil prices jump 3% after US strike on Iran, Brent hits $97.71
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