Fuel prices could rise further in the coming days if international oil prices remain at current levels, the head of the Pancyprian Association of Petrol Station Owners, Savvas Prokopiou, has warned.
Speaking to the Cyprus News Agency (CNA), Prokopiou said international oil prices had remained high despite a slight reduction in domestic fuel prices in recent days.
“Unfortunately, things have not gone as we would have liked,” he said, adding that further increases could follow if international prices remain elevated for a few more days.
International oil prices climb to $112
Prokopiou said oil prices had risen from around $100–102 per barrel during the previous fortnight to approximately $110–112.
The association hopes a positive geopolitical development will ease the current situation and bring prices down again, he added.
Petrol station owners back changes to receipts
Commenting on an initiative by House Energy Committee chairman and Disy MP Nikos Georgiou, Prokopiou welcomed plans to introduce legislation specifying what information must appear on fuel receipts.
He said petrol station owners had been calling for such a measure for a long time. However, he did not expect receipts to include a detailed breakdown showing exactly where consumers’ money goes.
Call for additional heating oil subsidies
Prokopiou called on the government, particularly the finance minister, to consider additional subsidies for heating oil, arguing that the assistance announced so far was insufficient.
He also called for support for businesses whose main operating expense is fuel, saying rising costs were putting significant pressure on their operations.
Independent petrol stations face mounting pressure
The association represents around 60% of petrol stations in Cyprus, according to Prokopiou. He said traditional independent operators were facing particular difficulties compared with fuel companies and privately owned stations that benefit from larger discounts.
He explained that members of the association receive a discount of around six cents per litre, regardless of whether the pump price is €1.30 or €2.30.
Prokopiou warned that if prices continue to rise, some members could struggle to order new fuel supplies because trading would become financially unviable.
He said petrol station owners operate on a profit margin of around 2.9%, while payments made by Visa or corporate Visa cards incur charges of approximately 1.7% to 1.85%.
As fuel prices increase, card payment costs also rise, without generating additional income for petrol station owners, he explained.
Higher prices also mean businesses need more capital to maintain fuel stocks and face larger outstanding payments from customers who settle their bills monthly.
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