Nicosia, Cyprus. International market turbulence is keeping pressure on fuel prices in Cyprus, even as oil eased on Tuesday after surging to its highest level in more than three years a day earlier.
Recent increases at the pump
Data from the consumer protection service showed fuel prices in Cyprus rose by between 2.6 cents and 4.7 cents per litre over the past 10 days, depending on the type of fuel.
Further rises expected
A sharper increase may still be ahead, as the recent spike in crude prices has yet to fully pass through to the retail market. Oil climbed from around $90 a barrel a week ago to above $115 on Monday, raising expectations of further increases at petrol stations across Cyprus.
Refinery costs and additional charges
Part of the pressure is coming from refinery prices, which relevant bodies in Cyprus said have risen by as much as 55 per cent over the past week. The increase has been compounded by higher charges and insurance premiums.
Broader impact on the economy
The impact is expected to extend beyond fuel. Oil remains a major cost factor across the economy, and a competent source said the latest rise could also push up electricity prices, food costs, transport and other goods and services in the coming period.
Petrol station owners on outlook
Speaking to the Cyprus News Agency (CNA), petrol station owners’ association chairman Savvas Prokopiou said consumers should expect staggered fuel price increases in the weeks ahead following the sharp rise in international oil prices. Asked whether this week’s increases would be higher than those seen last week, he said, “Based on experience, I think they will be higher.”
He said it remained difficult to predict the exact scale of the increases, as market conditions can shift rapidly during periods of geopolitical tension.
Oil pulls back after recent highs
Internationally, oil prices fell sharply early on Tuesday after hitting session highs of $119.50 a barrel for Brent and $119.48 for US West Texas Intermediate on Monday, their highest since mid-2022.
How are higher fuel prices affecting your household or business costs?