Cyprus fuel prices could see reductions in the coming weeks following a sharp decline in global oil prices, although authorities remain cautious due to ongoing geopolitical uncertainty.
Delayed impact on local prices
Speaking to CNA, President of the Cyprus Petrol Station Owners Association, Savvas Prokopiou, said price reductions may be seen within 10 to 15 days if the downward trend in international markets continues.
He noted that fuel prices in Cyprus typically follow global developments with a delay, explaining that just as increases were gradual, reductions are also expected to be introduced step by step.
Importers urge caution
Fuel import companies appear more reserved. The CEO of Petrolina, Dinos Lefkaritis, stated that it is currently impossible to make safe predictions about future price trends.
“There is no one who can predict what will happen even tomorrow morning,” he said, stressing that geopolitical developments, particularly in the Middle East, can rapidly change market conditions.
Authorities expect stabilisation
The Consumer Protection Service of the Ministry of Energy, Commerce and Industry also adopted a cautious stance. Director Constantinos Karagiorgis said that while stabilisation may follow the recent international price drop, it is still “too early” to draw firm conclusions.
All developments, he added, depend heavily on geopolitical stability and the evolution of the situation in the Middle East.
Ceasefire boosts market optimism
Globally, the announcement of a temporary ceasefire between the US and Iran, under conditions including the reopening of the Strait of Hormuz, has boosted optimism in energy markets.
However, in Cyprus, officials stress that sustained stability in global supply flows is needed before consumers feel meaningful relief in fuel prices.
Also read: Which countries dominate global oil production?
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