The head of the energy regulatory authority CERA George Shammas said on Thursday that further electricity price reductions were expected in the coming months.
Speaking to CyBC, Shammas said that according to estimates, crude oil prices would not be increasing any time soon and that translated to cheaper electricity.
“Electricity prices have been gradually decreasing since August. By January the decrease was 10 per cent, while in February prices will further go down by 5 per cent,” Shammas said.
He added that the members of the Organisation of the Petroleum Exporting Countries (OPEC) did not adopt any decisions to reduce oil production, which would affect prices.
“Some countries like Iraq are increasing production to balance expenses, and so are Russia and the USA,” Shammas said.
He added that at for the first six months of the year no price increase in crude oil was expected.
Despite the decrease of electricity prices, Consumer Price Index (CPI) figures confirm that the prices in most sectors, other than energy have remained static since June 1014 with slight decreases not in line with the fuel price drop.
Last week the Consumers Association called on the Cyprus Chamber of Commerce and Industry (KEVE), the Employers and Industrialists Federation (OEB), and the small shopkeepers association (POVEK), to pressure their members to drop their prices according to the decrease in electricity prices since their operational costs were reduced.