Nicosia, Cyprus. Fuel prices in Cyprus have fallen steadily in recent weeks but remain above the levels recorded before tensions escalated between Israel and Iran, officials said on Thursday. They said uncertainty in the Middle East means it is not possible to predict how prices will move in the coming weeks.
Official warning on volatility
Director of the Consumer Protection Service at the energy ministry, Constantinos Karayiorkis, said the recent downward trend had been significant but warned that the situation remained highly unpredictable because of instability in the region.
He said reliable predictions on the future course of fuel prices could not be made, pointing to the risk that renewed conflict around the Strait of Hormuz could quickly reverse recent declines.
Prices still above earlier levels
Karayiorkis said fuel prices in Cyprus had not yet returned to their pre-conflict levels and that more time might be needed before they do so.
He said there was hope that calm would prevail so prices could return to the relatively low levels seen before the conflict, while urging the public not to fuel unnecessary fears over possible price increases.
Recent price changes
According to Consumer Protection Service data, between June 2 and July 9 the average price of unleaded 95 petrol fell by 14.4 cents per litre, while diesel prices dropped by 34.9 cents per litre.
On July 9, the nationwide average price of unleaded 95 stood at €1.467 per litre, with prices ranging from €1.389 to €1.569. Diesel averaged €1.570 per litre, with the cheapest price at €1.484 and the highest at €1.767.
Delay between global markets and local pumps
Karayiorkis said there is an inherent delay between changes in international oil markets and retail prices in Cyprus because imported fuel typically takes several days to reach the island.
He said the fuel currently being sold in Cyprus had been purchased around 10 days earlier, adding that a short-term rise in crude oil prices would not immediately be reflected at petrol stations.
Monitoring refinery prices
He said the service closely monitors refinery prices, which have remained relatively low in recent weeks and have supported the decline in retail fuel prices.