Cyprus & World News

CYPRUS: Turkish Cypriots hit with record-high petrol prices

19 September, 2018

Turkish Cypriots were hit with record-high prices at the pumps as petrol rocketed 17% in the north with some motorists now paying 6.01 TL (81-euro cents) for a litre.

It is still cheaper than prices in the south of the island, but this did not stop a wave of panic buying and anger.

The increase came into effect Thursday - but Turkish Cypriot motorists queued up outside petrol stations for a chance to refill their tanks before the price increase.

Roads in the north of the island saw serious traffic jams at non-peak hours, as unusually long lines formed at petrol stations.

A number of petrol station owners had reportedly taken “measures” as some put a quota on sales and did not accept purchases of less than 50 TL (EUR 6.78).

Turkish Cypriot media said many petrol station owners had shut up shop or locked their pumps, claiming to have run out of petrol. Many of whom were reported to have then unlocked their pumps after midnight Wednesday, to sell their petrol at the higher price.

This is the second increase in petrol prices in less than a month, as on 27 August, Turkish Cypriots saw prices go up by 0.55 TL (8-euro cents), while recently electricity prices also went up.

The economy in the north is also in crisis as the Turkish Lira tumbles (1 EUR = 7.36 TRY).

Turkish Cypriot resentment towards the new price hikes were all over social media with comment such as; “Where are the authorities?”, “They have destroyed us”, “Enough!!!”

Unleaded 95 is now selling at 5.81 a litre (0.79 euros) from 5.16 (0.70 euro), Unleaded 98 at 6.01 (0.81 euro) from 4.97 (0.67 euro) and Euro Diesel at 5.76 (0.78 euro) from 4.76 (0.64 euro).