Nicosia, Cyprus. Fuel prices in Cyprus remain among the lowest in Europe, consumer protection service director Constantinos Karagiorgis said on Friday. He said the service is monitoring refinery prices and shipments arriving in Cyprus and will intervene if prices are unjustified.
Monitoring and potential intervention
Karagiorgis said the consumer protection service tracks refinery prices and incoming shipments and would intervene if market prices are deemed unjustified. He added that if any unjustified price increases are detected, the service will make appropriate recommendations to the minister and take necessary measures.
Response to consumers’ association report
Asked about a consumers’ association report on unannounced price increases at 22 petrol stations, Karagiorgis said it is important to consider the full range of market data. He said the service does not comment on statements by those who do not have a complete picture of market conditions and who seek to create a false impression among the public amid significant price increases affecting consumers.
Refinery prices and pump prices
Responding to questions about the recent drop in oil prices to below $100 per barrel without a corresponding decrease at the pump, Karagiorgis said retail fuel prices are determined by refinery prices rather than international crude oil prices. He said the consumer protection service has an institutional role under relevant legislation and tracks fuel price fluctuations daily.
Cyprus price ranking and recent increases
Karagiorgis said Cyprus ranks as the third cheapest country for 95-octane petrol and the fifth cheapest for diesel. He said this comes despite increases in refinery prices of 55 per cent for petrol and 103.3 per cent for diesel between February and April, while retail prices rose by 21.4 cents per litre for petrol and 45.3 cents per litre for diesel.
Latest average price
According to the consumer protection service’s retail fuel price observatory, the average price of 95 gasoline stood at €1.53 per litre on Friday, ranging from €1.44 in some areas to €1.6 in others.
What steps would you like authorities to take when retail fuel prices do not reflect changes in refinery prices?
