Nicosia, Cyprus. Fuel prices in Cyprus have started to ease, but ongoing conflict in the Middle East continues to make reliable forecasts difficult, according to the Consumer Protection Service and the petrol station owners’ association.
Diesel falls while petrol rises
According to Consumer Protection Service director Constantinos Karagiorgis, diesel prices in the retail market have fallen by around 9 cents per litre on average since May 10.
By contrast, 95 octane petrol has recorded an average increase of around 5 cents per litre over the same period.
Further reductions possible
Karagiorgis told the Cyprus News Agency that if the downward trend in Platts prices seen over the past fifteen days continues, further reductions are expected in the retail price of diesel as well as 95 octane petrol.
He said Platts prices, which are the prices at which refineries place fuel on the market, have shown a downward trend since May 20.
According to Karagiorgis, these reductions are expected to be gradually passed on to retail prices, although the continuation of the trend cannot be taken for granted.
Uncertainty remains high
Karagiorgis said the current stage of hostilities involving Iran does not allow for safe conclusions, as uncertainty in international energy markets remains high.
He added that the continuation of the conflict and the absence of a final agreement in the region continue to affect international energy markets, with the impact reflected directly in fuel price fluctuations.
He said reliable estimates cannot be made about the future course of prices, as any development in the geopolitical environment may directly affect the cost of petroleum products.
At the same time, he noted that efforts to reach an agreement have helped de-escalate international prices.