The first fuel price increases in Cyprus have taken effect amid rising global oil prices triggered by the Iran–Israel conflict, according to the Cyprus Petrol Station Owners Association.
Speaking to the Cyprus News Agency, association president Savvas Prokopiou confirmed that two fuel import companies raised prices on Wednesday, with others expected to follow suit in the coming days. The increases mark the first domestic response to the surge in international oil prices following Israeli strikes on Iran.
“We’ve already seen the first increases yesterday,” Prokopiou said, adding that more are likely to come today or tomorrow.
Despite the upward trend, he expressed cautious optimism that prices might stabilise soon, pointing to signs of levelling in global oil markets. “We hope the increases stop here, because we’re seeing oil stabilising at around 72 to 73 dollars per barrel,” he noted.
The Cyprus Ministry of Energy is overseeing the price adjustment process, in coordination with fuel import companies.
Compounding the concern for motorists is the expected implementation of green taxation at the end of June. The policy will impose additional environmental levies on fuel, further raising prices.
Prokopiou voiced hope that the government would reconsider its timeline for the tax due to the volatile geopolitical situation. “We urge the government to think again and postpone, once more, the imposition of this tax, given the current situation with the Iran–Israel conflict,” he said.
Fuel prices rising in Cyprus is the latest in a string of economic ripple effects caused by the recent military escalation in the Middle East.
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