Nicosia, Cyprus. Fuel prices in Cyprus are expected to rise visibly within the next 10 days after wholesale costs increased, according to the chairman of the petrol station owners’ association. Petrolina said the island has around 15 days of fuel reserves and alternative supply sources.
Wholesale prices rise and retail increases expected
Petrol station owners’ association chairman Savvas Prokopiou told the Cyprus News Agency (CNA) on Monday that the wholesale price paid by petrol station owners has risen by between 10 and 12 per cent since Friday. He said this means “we certainly expect increases” in retail prices.
Prokopiou said the rise in retail prices is not expected to be as sharp as the increase seen when Russia invaded Ukraine in 2022. He added that the absence of a sharp global increase in the price per barrel may indicate a different situation than in the past.
Petrolina cites reserves and alternative supply routes
Petrolina executive managing director Dinos Lefkaritis told CNA that Cyprus has a reserve of around 15 days’ worth of fuel, which he described as satisfactory. He said the island is covered and does not face a specific problem.
Lefkaritis said Petrolina had been loading fuel from Israel until Sunday, and that the company would assess the situation depending on guidance from the refinery in Haifa. He added that Petrolina has alternative sources, including Greece, Malta, and Italy, and said there is no concern about the island running out of fuel.
How could potential supply disruptions affect the fuel prices you pay over the next 10 days?
