Nicosia, Cyprus. Cyprus’ energy ministry said on Monday that the recent 20 per cent increase in gas cylinder prices was driven by higher butane and propane prices, rejecting claims of profiteering.
Ministry explanation for price increases
Consumer protection service director Constantinos Karagiorgis said the increase was justified given the significant rise in the cost of the contents of gas cylinders. He told the Cyprus Mail that average gas cylinder prices were €17.71 in January, €18.25 in February and €23 in March.
Karagiorgis said Cypriot distributors must import and are therefore tied to international seller prices, limiting pricing flexibility. He said this, together with ongoing tensions in the Middle East, contributed to the almost 20 per cent increase for household gas cylinders.
He said gas cylinders are made up of 80 per cent butane and 20 per cent propane, and that these prices rose sharply. According to Karagiorgis, propane prices increased by 52 per cent, while butane prices rose by 87 per cent.
Retail prices and company response
As of Monday, the price per gas cylinder at Petrolina gas stations stood at €23.11. A Petrolina gas station worker told the Cyprus Mail that prices were not set at the station level and that the headquarters was tied to supplier prices.
How have recent gas cylinder price changes affected your household expenses?