Cyprus fuel price rises remain below EU average, Consumer Protection Service says

Nicosia, Cyprus. Petrol and diesel prices in Cyprus have increased by less than the European Union average, with differences ranging from two to eight cents per litre, the Consumer Protection Service said on Tuesday.

The service said it was monitoring fuel price trends and market conditions, while the energy ministry noted that retail prices are determined by several factors.

Petrol and diesel increases

Citing the European Commission’s EU Oil Bulletin, the Consumer Protection Service said the retail price of unleaded 95 petrol in Cyprus rose by 27 cents per litre, compared with an EU average increase of 29 cents.

Poland recorded a similar increase of 27 cents per litre, while the increase in Greece was 26 cents. Belgium and Italy recorded increases of 34 cents per litre.

Diesel retail prices in Cyprus increased by 36 cents per litre, eight cents below the EU average increase of 44 cents per litre.

Belgium recorded the largest increase, at 54 cents per litre, followed by Greece at 47 cents. Diesel price increases in Poland and Italy were 39 cents and 38 cents per litre respectively.

Market monitoring

The Consumer Protection Service said consumer protection and the smooth functioning of the market remained key priorities.

It said it was closely monitoring fuel price trends and assessing prevailing market conditions, acknowledging the importance of fuel prices for consumers and their effect on transport costs and the wider cost of living.

“Market developments are assessed on an ongoing basis and the available data are examined with a view to the timely identification of any factors that may affect its smooth functioning,” the service said.

Price factors

The energy ministry said retail fuel prices were determined by a combination of factors and did not depend solely on movements in a particular international benchmark price.