Diesel smashes €2 barrier – costing over €100 to fill tank

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Cyprus motorists were hit with another nasty shock on Friday as the pump price for diesel registered a record €2.03 per litre – costing around €111 to fill up an average car.

Rising fuel prices are adding fire to the cost of living crisis and rampant inflation.

According to the government’s Consumer Protection Service’s Fuel Retail Price Observatory, diesel was sold at over €2 per litre at petrol stations in Nicosia and Limassol.

The highest price was recorded at an ENI station on Ayias Filaxeos Avenue in Limassol, with diesel priced at €2.03 per litre.

AGIP and Petrolina stations in Limassol were selling diesel at €2.019.

In Nicosia, the highest diesel price was recorded at an ENI petrol station in Strovolos and a Petrolina station in Latsia, which were selling diesel at €2.013 and €2.011 per litre, respectively.

Another 20 petrol stations across the island were selling diesel at €1.99.

The average diesel price across the island stood at €1.959, with the cheapest gas station selling at €1.808 and the most expensive at €2.030.

The average diesel price at the start of the year was €1.418, while at the beginning of 2021 diesel was sold at €1.100 per litre.

Amid the coronavirus pandemic, in June 2020, the average price of diesel was below €1 per litre, specifically at €0.974.

The average price of 95 octane petrol is €1.811 per litre, with prices at petrol stations ranging from €1,755 to € 1.881 per litre.

The average price of 95 octane in the New Year was € 1.316 per litre; in the New Year of 2021, €1.070 and in June 2020 €0.966 per litre.

Therefore, since the beginning of 2022, the price of diesel increased by 54 cents per litre and 95 octane by 50 cents per litre.

It now costs around €99.60 to fill the tank of an average 55-litre family car with 95 octane.

The prices supplied to motorists are burdened by taxes, such as the consumer tax and VAT.

If taxes are deducted from the final sale price, then diesel would be sold at €1.23 and 95-octane unleaded at €1.13. Some 70 cents per litre of fuel is comprised of taxes.