Spike in petrol pump prices on the cards for 2020

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Motorists are in for a nasty shock in 2020 as fuel prices are expected to go up by 6-7-euro cents a litre due to Cyprus failing to meet EU targets on its biofuel mix, said the Petrol Station Owners Association.

The price spike has nothing to do with them, Association President Stefanos Stefanou told Astra Radio on Monday.

He said the increases will come in with the implementation of an EU directive on the ratio of biofuel used in petrol fuel products.

Brussels has instructed member states to introduce a minimum of 10% of biofuel into petrol products.

Currently, the percentage of biofuel in petrol sold in Cyprus petrol stations is less than 3%.

Talking to the Financial Mirror, President of the Consumers’ Association Marios Drousiotis, said the increase could be even higher as petrol companies have grown accustomed to increasing prices.

“While wages have not increased for some time now, the increase in fuel prices will make life even more difficult for consumers,” said Drousiotis.

He told the Financial Mirror his association has prepared a study on the fluctuation of fuel prices in correlation to oil prices internationally, including an estimate on how much consumers are buying from the Turkish occupied areas.

As he noted, there is a downward movement in the sale of petrol in the Republic since 2016.

“There is only one explanation for the downward trend, especially at a time when traffic is increasing on Cyprus roads, and that would be that consumers are turning to petrol stations in the occupied areas for (cheaper) fuel,” said Drousiotis.