Rising fuel costs
Fuel prices in Cyprus have risen by 10–12% since Friday, driven by the ongoing conflict in Iran, according to Savvas Prokopiou, President of the Cyprus Fuel Station Owners Association. He warned that this increase is expected to become visible at petrol stations over the next 10 days.
Comparison with previous crises
Prokopiou noted that while fuel prices are rising, the increase is less severe than the spike experienced at the start of the Ukraine war in 2022. He highlighted that a gradual 10% increase had already occurred over the past 15–20 days, with the current situation adding an additional 10–12% since Friday.
Outlook for global oil prices
The association president expressed cautious optimism, stating that the global barrel price has not surged dramatically. If oil prices stabilise below $80 per barrel, it could limit further spikes in fuel costs in Cyprus.
Source: CNA
Also read: Diesel prices spike 17% amid Strait of Hormuz tensions
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