Petrol prices rise 1.5-2 cents

Petrol prices rose on Wednesday by 1.5-2 cents per litre, in response to rising international oil prices.

EKO and Petrolina announced price rises of 1.5-2 cents on Wednesday, with other outlets expected to follow.

The price of unleaded 98 petrol has reached 52.9 cents (around 0.90 euros) per litre, while unleaded 95 is 50.9 cents. Diesel is at 49.8 cents, while the specially subsidised diesel for agricultural use is 31.4 cents. Kerosene is at 43.9 cents.

Cyprus retail petrol and diesel prices had already risen by 1.5 to 2.7 cents per litre on June 16.

On Monday the Fuel Advisory Committee decided that current retail prices at petrol stations were not unjustified, leading to expectations that prices would rise further.

Under the rules that liberalised petrol prices, the Minister of Commerce is allowed to intervene if petrol prices are considered to be unjustified.

High oil prices will also have an impact on electricity prices, since Cyprus depends for well over 90% of its electricity generation in imported oil. Consumers currently pay about 5.5 cents per kwh.

Minister of Finance Makis Keravnos has denied accusations by opposition members that it was making CYP 1 million per day in tax on fuel, saying that the tax-take excluding VAT was CYP 50 mln up to May.