Nicosia, Cyprus. International market turbulence is keeping pressure on fuel prices in Cyprus, even as oil eased on Tuesday after reaching its highest level in more than three years a day earlier.
Retail fuel prices rise over 10 days
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.
But the sharper increase may still be ahead, as the recent spike in crude prices has yet to fully pass through to the retail market.
Crude and refinery costs add pressure
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.
Relevant bodies in Cyprus said refinery prices have risen by as much as 55 per cent over the past week, compounded by higher charges and insurance premiums.
Keravnos addresses ECOFIN on security
Finance minister Makis Keravnos, who currently serves as president of the EU Economic and Financial Affairs Council (ECOFIN), on Tuesday reassured the international community that life in Cyprus continues normally and safely, despite the island’s indirect involvement in the ongoing war in the Middle East.
Speaking upon his arrival at the ECOFIN council meeting, Keravnos stressed that Cyprus remains secure even though it lies in a region affected by the conflict involving Iran.
“Cyprus geographically is located in the wider region where there are currently some hostilities due to the war with Iran,” said Keravnos.
“We have taken certain precautionary measures,” he added.
Tourism sector watches impact on bookings
Cyprus’ tourism industry is watching the fallout from the Middle East crisis with growing unease, as concern over the island’s association with the conflict begins to weigh on bookings, hotel openings and hiring plans.
How are rising fuel prices affecting your travel or household plans in Cyprus?