Nicosia, Cyprus. Fuel prices in Cyprus are expected to fall within the next 10 days following a recent drop in international oil prices, petrol station owners’ association chairman Savvas Prokopiou said on Thursday.
Price movements
Prokopiou told the Cyprus News Agency that fuel prices have moved unevenly in recent days, with fluctuations recorded in both oil and petrol. He said that last week the price of oil decreased slightly, while the price of gasoline increased slightly.
International market delays
He noted that international oil prices had recently fallen sharply by around $10 to $15, but said such changes usually take time to appear in the Cypriot market. According to Prokopiou, price reductions typically reach Cyprus after 10 to 15 days, in the same way that international price increases are also passed on with a delay.
Market outlook
Prokopiou said he believed some price reductions would be seen in Cyprus within the next 10 days, despite recent increases in international oil prices. He added that the market remains volatile and that several factors are still creating uncertainty.
Uncertainty remains
“There are still uncertain factors,” he said, adding that “one day, the situation creates some hopes and the next day these hopes are lost.”
He concluded that, based on previous market patterns, some reductions at the pump were likely in the coming days, although the situation remained unstable.