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Cyprus Energy

Cost of petrol falls on global oil price drop

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THE selling price of unleaded gasoline – but not diesel fuel – fell by 2 to 2.6 cents per litre, bringing it under €1.25 after several months, state TV reported on Friday.

According to the report, the price of 95 and 98-octane unleaded gas has been lowered by the fuel companies and most gas stations have passed the lower price on to consumers.

The fall is the result of a continuing drop in oil prices internationally, with analysts expecting prices to plateau over the next few months.

The price of Brent oil has tumbled to $46.64 per barrel, which analysts attributed to Wall Street’s failure to hold the price of US crude oil, which trades slightly over $41 per barrel – a six-year low, then in the throes of the Great Recession – with no indication of a short-term recovery.

Among the reasons cited for the tremors felt in the world’s major stock-markets, impacting the price of oil, was news of Greek Premier Alexis Tsipras’ resignation on Thursday night, which many feel may endanger the stability of the European economy.

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