Nicosia, Cyprus. The Electricity Authority of Cyprus (EAC) said electricity prices in April are expected to be lower than in March, but warned the benefit may be short-lived if global crude oil prices remain high.
Parliamentary committee reviews fuel price increases
The House energy committee discussed the rise in fuel prices amid the Middle East crisis and the broader impact on the economy.
April bills projected to fall on VAT change and fuel mix
An EAC official told the committee that electricity bills in April are expected to be around 5.5 per cent lower than in March, citing a 4 per cent drop in VAT and a change in the fuel mix used by the utility.
The official said the reduction is expected to be offset in coming months, as future fuel purchases at current price levels could lead to higher electricity costs.
Diesel and Brent crude prices cited
According to the official, EAC bought diesel on February 27 at $726 a tonne, while diesel was quoted at $1,366 a tonne at the time of the discussion. Over the same period, the official said Brent crude rose by 48 per cent.
Fuel pre-purchases and supplier constraints
The official said that in 2025 EAC had pre-purchased about 60,000 tonnes of fuel for July to December, adding that the utility tried to do the same this year but suppliers were unwilling.
Consumer protection monitoring and petrol price data
Consumer Protection Service director Constantinos Karagiorgis, from the energy and commerce ministry, said the service monitors fuel prices daily to ensure they align with global trends and to prevent gouging.
Citing EU-wide data, Karagiorgis said the average price of Unleaded-95 petrol in Cyprus increased by 8.1 cents per litre between February and March 23. He said the increase over the same period was 16.1 cents across Europe as a whole, 16.1 cents in Greece, and 10.6 cents in Italy.
How do you expect changes in global fuel prices to affect your household electricity costs in the coming months?