The consumer union is contemplating a lawsuit against the state claiming it deliberately allowed prices to be high in order to collect more taxes.
The union accused the state of “fraud and collusion” with fuel companies, suggesting that prices today should have been 12 to 15 cents lower per litre.
The price of oil has dropped by $26, from $114 to $88, the union said.
It only came to prove the view that has companies and the state wanting to maintain higher prices until the next rise, it said.
This would keep the minimum price high, serving “their common interest,” the union said.
“Together with legal advisers, the union is looking into the possibility of seeking legal recourse in Cyprus and the special EU court that deals with competition,” the union said.
Achieving a conviction could force the state to pay millions on a fine, they added.