Diesel hits record €1.99 as fuel prices continue to rise

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The highest pump price for Diesel reached a record €1.999 per litre in Cyprus on Tuesday, according to the Consumer Protection Service’s Fuel Retail Price Observatory.

On average, diesel costs €1.914 per litre, while at the cheapest petrol station it can be found at €1.808.

Unleaded petrol 95 octane averages €1.806 at the pumps. The cheapest unleaded 95 sells for €1.755 per litre in Nicosia (Aglandjia), while the most expensive is an eye-watering €1.867 in Polis Chrysochous.

Based on the data, there is a price disparity between petrol stations across the island, with the difference being 10 cents per litre in some cases.

President of the Pancyprian Petrol Station Owners Association, Savvas Prokopiou, told CNA it was due to the companies supplying their stations at different times.

He said the same oil company station franchise should have comparable petrol prices.

Prokopiou said another reason behind varying pump prices could be that different petrol stations receive different discounts.

He argued it was difficult to predict future petrol price trends as international oil prices fluctuate, adding that recent forecasts have been inaccurate.

Internationally, according to Bloomberg, crude WTI prices are $111.52 per barrel, and Brent is $115.01 per barrel. Natural gas on the Nymex market is $6.73 per million BTU.