Fuel prices to drop by three cents

Fuel prices are set to decrease by three cents per litre in the coming days, Energy Ministry spokesperson Constantinos Karagiorgis said.

“It is expected that in the next few days, either this week or early next week, there will be a reduction in prices of up to 3 cents at the pump,” said Karagiorgis in comments to the Cyprus News Agency (CNA).

He said there is a downward trend in international fuel prices, which he hoped would continue.

He conceded, however, that there is uncertainty due to factors such as a potential reduction in oil production.

As announced, Saudi Arabia and Russia, the world’s biggest oil exporters, will further cut supply to boost prices.

However, The three-cent reduction is considered a given as it concerns fuel already shipped to Cyprus.

Representing the petrol station owners’ association, Savvas Procopiou confirmed the expected decrease.

“We forecast that prices should decrease slightly because, in the past 15 to 20 days, the prices in international markets have been moving downwards”.

Although the situation seems to have been overturned this week, the downward trend could continue.

He added that one company had already lowered its prices by one cent on Tuesday and expected others to follow.

The news provides hope that an eight-cent increase implemented following a government decision to end a fuel subsidy will be eaten away.

Petrol prices climbed by eight cents from July 1 after the government scrapped a freeze on consumer tax on fuel.

The Cabinet decided last week to end the cost of living relief measure introduced in March 2022.

The average price for a litre of 95 Octane Petrol across the island on Tuesday was €1.467, while a litre of diesel sold at an average of €1.490.