Cyprus Fuel Prices Set to Rise Again if Oil Stays High, Says Petrol Station Owners’ Chief

Nicosia, Cyprus. Motorists in Cyprus can expect higher fuel prices if global crude stays at its present level for several more days, according to Savvas Prokopiou, president of the petrol station owners’ association, who spoke on Tuesday. He said the recent slight decline at the pump has not been reflected on the world market.

Oil market moves

Prokopiou said crude traded at close to $102 (€89) a barrel during the past two weeks but has since moved to about $112 (€97). He said “Unfortunately, things did not go as we would have liked”, and added that the association hopes for favourable geopolitical developments that would calm the situation.

Current pump prices and tax relief

The latest figures show an average of €1.760 a litre for 95 octane petrol and €2.021 for diesel. Over the week, petrol rose by 0.92 per cent, while diesel fell by 0.44 per cent. A lower excise duty on motor fuels stays in force until November 30.

Finance Minister Makis Keravnos has said the government is seeking to hold prices steady rather than bring about large cuts, and that “one should not expect significant decreases”.

Heating oil support

Prokopiou asked Keravnos for additional measures to curb the rise in heating oil prices, describing the aid the government announced as far too limited. Last Thursday, Parliament approved a reduction of 5.3 cents a litre in the tax on heating fuel. It applies from October 23 until April 30 next year and is expected to cost the state €5.2 million.

Fuel receipts initiative

Prokopiou also welcomed a move by Disy MP Nikos Georgiou, who chairs the House energy committee, to introduce legislation governing the information shown on fuel receipts.