Nicosia, Cyprus. Consumers should brace for fuel price fluctuations with an overall upward trend, the head of the petrol stations association said on Tuesday. Savvas Prokopiou said the Middle East war is making fuel prices hard to predict.
Uncertainty linked to global developments
Prokopiou told the Cyprus News Agency that as long as the war in the Middle East continues, no one can predict where fuel prices will reach. He said world market prices change frequently following announcements, adding that no firm conclusions can be drawn and that a slight upward trajectory is expected for now.
Benchmark-to-pump pricing and past example
Asked about the formula linking global oil benchmarks to pump prices, Prokopiou said petrol station owners do not have it. He cited 2022, when crude oil rose to $120 a barrel, with diesel in Cyprus selling for €2 a litre and Unleaded-95 petrol for €1.8 a litre.
Stability expectations below $100 a barrel
Prokopiou said a more stable situation is anticipated if the price per barrel stays under $100.
Oversight and calls for action
He said the Consumer Protection Service, under the ministry of energy and commerce, is tracking the data. Prokopiou called for pressure on fuel companies to keep prices as low as possible and urged the government to heed what he described as universal demands for slashing fuel tax.
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