Consumers in Cyprus are finally given a break after months of petrol price hikes scorching them, as prices of crude oil have fell close to USD 50 per barrel.
The observatory of petrol prices at the Cyprus Consumers Association also noted that motorists have saved a total of EUR 132,628 in 95 Octane petrol from the drop in prices in November.
According to the observatory, a litre of 95 octane petrol is currently being sold at an average of EUR 1.24 compared to EUR 1.324 last month.
Eurodiesel is being sold at EUR 1.332 from EUR 1.389, and heating fuel has dropped to 0.952 from 0.978 in October.
Meanwhile, as the association notes, some motorists have been buying fuel from the north, with the government losing out on EUR 19 mln in taxes.
As estimated by the observatory, 3.65% of all fuel consumed by Greek Cypriot motorists was bought from Turkish Cypriot petrol stations in the north of the island.
Total purchases from the occupied areas for the period January – October 2018 are calculated for petrol 95 at 12,538,017 liters and for diesel 14,075,756 liters.
Estimates took into consideration the actual figures of fuel sales in the south, as reported by the Cyprus Statistical service for the first ten months of the year compared to the same period of previous years.
The increase in number of vehicles however, was not taken into account.
Petrol station owners in the south are estimated to have lost revenue of EUR 1,463,758. The state is estimated to have lost revenue (taxes and VAT) of EUR 19,168,330.
The consumer body said the government’s intent to lower petrol consumer tax is the difference in the drop in prices seen in other EU states.
It is estimated that for every cent removed from the consumer tax on petrol, the state loses EUR 9 mln per year.
In November, the average retail price of 95 Octane petrol in the European Union, excluding taxes, fell by 0.046 euros per liter and in Cyprus by 0.037 euros.
Eurodiesel prices dropped by 0.036 cents and in Cyprus 0.020 cents. Heating oil in the EU fell by 0.066 euros and in Cyprus just 0.021 euros.
In addition, OPEC, along with Russia are expected to announce cutbacks in oil production and supply at the Vienna Summit on 6 December, which is expected to push prices upwards.
