Nicosia, Cyprus. Most motorists in Cyprus are cutting back on fuel purchases as petrol prices remain high due to fallout from the Iran war, according to the head of the association of petrol station owners.
Drivers limit fuel purchases
Savvas Prokopiou said only about 10 to 15 per cent of drivers continue to fill up their tanks.
He said the rest are reducing spending on petrol as they see they get less for their money every few days.
“What we’re seeing in the last few weeks is consumers trying to save on petrol, limiting their transit as far as possible,” Prokopiou told the Cyprus News Agency.
Current pump prices
Diesel averages €1.888 a litre, with the highest price recorded on the island at €1.978 and the lowest at €1.785.
Unleaded 95 petrol averages €1.543, with the lowest at €1.458 and the highest at €1.618.
Oil market and regional supply pressures
On Thursday, Brent futures contracts traded at around $108 a barrel, amid reports that US President Donald Trump would be briefed on expanded military options in Iran.
Iran has kept the Strait of Hormuz largely closed, while at the same time the US Navy is enforcing a blockade on Iranian ships. About one-fifth of the world’s oil trade goes through the Persian Gulf.
Impact on petrol station owners
Prokopiou said rising fuel prices are also affecting petrol station owners.
“For businesses, the cost per shipment has gone up considerably. Two months ago, a cargo would cost €40,000, today it’s around €60,000.”
How have higher fuel prices affected your driving and refuelling habits?