Motorists are limiting the use of their vehicles to save on petrol as pump prices continue to break new records.
Boosted the war in Ukraine, fuel prices on Monday were at record highs, with the average price of 95 Octane petrol standing at € 1.715, 98 Octane petrol was sold at €1.762 and diesel at €1.814.
According to the Cyprus Statistical Service, Cypriots kept their vehicles parked longer in April and consumed less fuel in March.
Some 23,753 tonnes of unleaded petrol went into Cypriot vehicles in April, compared to 24,969 tonnes in the previous month, recording a decrease of 5.1%.
Some 20,297 tonnes of diesel fuel were sold in April compared to 23,206 tonnes in April 2021, recording a decrease of 12.5%.
Compared to March’s consumption of 21,806 tonnes, diesel fuel sales in April dropped by 6.92%.
Responding to hiking prices and inflation, the government decided to keep a reduced consumer tax on fuel until August.
Motorists are not expected to see a respite. Last week, petrol station owners warned that Cypriot motorists are in for a financial jolt as pump prices will hit €2 per litre with consumer groups screaming profiteering.
In comments to the Financial Mirror, President of the Cyprus Consumers Union and Quality of Life, Loucas Aristodemou, said fuel companies are unjustifiably pushing prices up.
“The price of diesel today is over €1.80, with the price of crude oil at around $110 a barrel. Not too long ago, the price of crude oil was $130, with the price of diesel at €1.50,” said Aristodemou.
He argued that no oil company or authority has come out to explain why this is the case.
“We have recorded that petrol companies push prices up when the price of crude oil goes up.
“Fair enough. But the tendency is that they do not bring prices back down when the price of crude oil drops.
“They keep the prices up and build with the next increase.”
Meanwhile, in April, Cyprus also saw its highest inflation rate in four decades.
Inflation jumped to 8.8% in April from 7.13% in March, with the largest changes recorded in electricity prices (39%), petroleum (32%) and agricultural products (18.3%).
This is the highest inflation hike recorded since February 1982, when inflation reached 9.1%.
