No stopping soaring petrol prices

1 min read

Consumer organisations have raised concerns over the hike in prices at the petrol pumps as another increase hits the already worn-out pockets of motorists.

Petrol is sold up to seven cents more per litre than a couple of weeks earlier.

An additional four cents were added to the price of 95 Octane petrol, pushing the average price across the island to €1.561 per litre, while diesel has gone up seven cents to reach an average of €1.793.

On Friday, according to the Finance Ministry’s Fuel Price Observatory, 95 Octane petrol is selling from €1.505 to € 1.690 per litre, while diesel is sold from € 1.711 to €1.865.

Heating oil is selling at € 1.212 to € 1.370 with an average price of € 1.268 with a difference of €0.158 per litre.

In comments to the Cyprus News Agency, the president of the Cyprus Consumers’ Association, Marios Drousiotis, expressed his concern as prices are on the rise while the international price of crude oil has remained stable.

As Drousiotis noted, consumers have paid an additional €42.2 mln for fuel since January.

As he noted, the average price of 95 octane petrol in January was €1.229 compared to today’s €1.581, an increase of 35.2 cents per litre and diesel from € 1.419 in January reached €1.793 per litre in May, an increase of 37.4 cents per litre.

With state revenues from taxes on fuel for May and June increasing by €31.4 mln, Drousiotis argued that there is room for authorities to continue subsidising consumers.

He expects increases in state revenues used to benefit motorists, with the government prolonging the reduction of a consumption tax on fuels, introduced in March, for another three months.

Energy Minister Natasa Pilides said the government would review the situation at a cabinet meeting next week and is ready to step in if deemed necessary.

“The expansion of measures taken to relieve consumers under pressure from rising fuel prices is under review.

“Consultations will be held, and a meeting with the President has been scheduled to decide what additional measures will be taken.”