Cyprus Mail
Cyprus

Petrol prices going down

By Evie Andreou

FUEL companies have announced the second price reduction in a month, following a furore last week over high prices.

The companies announced this week that they were able to further cut prices at the pump as they had received new shipments bought at lower prices.

The retail price of 95-octane was lowered by 2.4 cents a litre dropping to €1.36, 98-octane by 2 cents to €1.39 and heating fuel was reduced by 3.2 cents a litre to €0.94. No reduction has been announced for diesel.

Despite this second reduction, the Consumers and Quality of Life Union (CQLU) said was not satisfied and said that prices should be even lower.

The consumer group’s chairman Loucas Aristodemou said that according to the Auditor general’s 2012 report, the formula with which the fuel price is set, is wrong.

Last week, the group threatened to sue the government for allowing fuel companies to charge high prices in order to collect more taxes.
Energy minister Yiorgos Lakkotrypis had said that his ministry officials would meet with the Auditor general to discuss the matter.

Upon the announcement of the latest fuel price reduction he said he expected that Cyprus will be aligned with the total reduction in the international market as more shipments come in.

The minister had admitted earlier in the week that there is lack of healthy competition both in wholesale and retail fuel markets and proposed a series of measures that would help maintain fair prices, such as the increase of storage space for wholesale to attract new importers and the improvement of transparency toward consumers.

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