Pump prices at lowest level since July 2022

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Fuel prices at the pumps have reached their lowest ebb since the record highs in July last year; petrol is expected to drop two to three cents in the coming days.

According to the Fuel Price Observatory of the Consumer Protection Service of Commerce Ministry, prices are slightly lower than on April 27, when the House approved keeping a state subsidy on fuel at the pumps unchanged.

MPs voted to keep a freeze on tax consumption on fuel until the end of June, essentially keeping a reduction of 7 cents per litre on petrol, 8.3 cents for diesel and 6.4 cents for heating oil.

Chair of the Cyprus Consumers’ Association, Marios Drousiotis, said that estimates have prices dropping by another two to three cents per litre next week.

On Friday, the average price of 95 Unleaded petrol across the island was €1.398, while the lowest price per litre was €1.333 and the highest was €1.459 per litre.

For 98 Unleaded petrol, the average price was €1.477 per litre, while the cheapest was €1.399 and the most expensive was €1.688.

The average diesel price was €1.401 per litre, with the cheapest petrol station selling it at €1.313 and the most expensive at €1.598.

The cheapest pump prices are usually found in Nicosia.

In April, shortly before the extended freeze on fuel tax, the lowest price for unleaded 95 octane was €1.353/litre, for unleaded 98 octane €1.414/litre and diesel, the lowest price was also €1.414.

Meanwhile, Cyprus is in the top ten EU countries with the lowest fuel prices, according to the EUR 27 Weekly Oil Bulletin of May 15.

Cyprus is sixth, and Bulgaria first, with 95 Unleaded being sold at an average of €1.29, followed by Malta with €1.34.

The freeze on consumption tax will remain in place until the end of June, with the government’s intentions not clear on whether it will seek to extend the measure introduced to combat inflationary pressures on households.

The reduced rates were initially introduced in March last year by the DISY-backed Anastasiades administration to alleviate the cost-of-living crisis driven by the war in Ukraine and sanctions on invading Russia.

It was initially valid until June 2022 but was extended several times afterwards.

The government in April decided to halve the subsidy, arguing that fuel prices reached their lowest ebb in a year, and inflation dipped from a 10.9% record high in July last year.

In July 2022, a litre of Unleaded 95 cost more than €1.90, while diesel had broken the €2 barrier.