Cyprus petroleum sales down 1.9% y/y in Q1

Sales of petroleum products fell over the year earlier by 1.9% in the first quarter of 2011, with total sales amounting to 364,978 tonnes compared with 372,078 tonnes in the same period of 2010.
A breakdown by consumer suggests that both high prices and cutbacks at Cyprus Airways were the main reasons.
Petroleum sales filling stations fell by 3.1% to 187,336, while sales to Cyprus Airways tumbled 20.6% to 10,031 as the national carrier cut back on certain routes in order to reduce costs.
The total stocks of petroleum products at the end of March were 17.9% than the previous month but 13.5% lower than in the same period of 2010.