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Fuel prices drop to lowest level since July

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High fuel costs have subsided as pump prices at petrol stations have dropped by three to four cents per litre.

Confirming the drop, Star Oil’s CEO George Petrou said that all petrol stations on the island would reduce prices following a reverse in international fuel prices.

The latest reduction will bring prices to their lowest since 12 July, when they hit an all-time high, with diesel exceeding €2 per litre.

The price of 95 Octane Petrol has dipped 29 cents per litre on average, while diesel has declined by more than 25 cents.

On Wednesday, 95 Octane petrol was sold at an average of €1.513 per litre, with a Fill N Go and an EKO station in Nicosia selling it at €1.424.

The average diesel price was €1.78, with the cheapest offer found at two Fill N Go and one Petrolina station in Nicosia at €1.696.

Petrou confirmed that heating oil would also come down by several cents per litre. On Wednesday, heating oil was sold at an average of €1.326.

In January 2021, the average price was €1.07 for 95 Octane; diesel was €1.10; heating oil was sold at an average €0.655 per litre.

Fuel prices would be higher if the government did not reduce the consumption tax.

These reduced rates are valid until 15 January 2023, with a reduction of 7 cents per litre in the price of petrol, 8.3 cents for diesel and 6.4 cents for heating oil.

In comments to state radio CyBC, the head of the Cyprus Consumers’ Association, Marios Drousiotis, noted that consumers have not seen a significant drop in heating oil prices during the winter months.

In recent comments to the Financial Mirror, Drousiotis said that at current prices, Cypriots would be turning to cheaper solutions to keep warm, mainly their air conditioners.

“So, to fill a tank of one tonne, someone will have to pay €1,400. How many people can afford that?”

He said the most likely outcome is that Cypriots will turn on their electricity-consuming split units this winter to keep warm.