Petrol station owners expect fuel price cuts by month-end
Petrol station owners expect pump prices to fall by the end of the month if global oil prices continue to decline.
Nicosia, Cyprus. Petrol station owners said on Monday they expect fuel prices at the pump to decline by the end of the month, provided global oil prices continue to ease.
The association’s spokesman, Christodoulos Christodoulou, said motorists have largely stopped filling their tanks and are increasingly making smaller purchases.
Consumer behaviour and prices
Christodoulou said motorists may spend €20, €30 or €40 on fuel before returning later, while very few fill up their tanks.
He added that many motorists travel to the north to buy cheaper petrol.
Since mid-July, petrol prices have risen by 12 cents per litre, diesel by 19 cents and heating fuel by 10 cents, according to Christodoulou.
Unleaded 95 currently averages €1.60 per litre, diesel €1.79 and heating fuel €1.49.
Oil prices and new shipments
Although crude oil prices are falling, Christodoulou said this has not yet resulted in corresponding reductions at the pump.
He said current retail prices likely reflect fuel shipments purchased when oil was priced between $95 and $97 per barrel.
“We anticipate decreases, provided that prices will stabilise downward,” Christodoulou said.
He said the timing of new fuel shipments is determined by importers, with deliveries usually arriving every two weeks.
This news item was generated automatically by Cyprus Inform from publicly available materials. Report an error →
