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LPG 40 per cent higher than EU average

A consumer group charged on Tuesday there was collusion in setting the price of motor gas, demanding to know how it had been set.

The union of consumers and quality of life suggested that the price of LPG in Cyprus was some 40 per cent higher than the EU average and almost double the lowest one.

The union said from the moment gas became available at two to three stations, the “same and possibly worse symptoms” seen in the selling price of traditional fuel appeared.

“We are talking about a monopoly, thus a cartel, in gas,” the union said, wondering how the pump price was decided.

The union said there was no transparency and questioned the role of the energy ministry’s service that deals with fuel prices.

It accused the service of turning into a representative of the cartels since the only thing it does is to periodically issue price bulletins that are decided by the companies without transparency.

The union also asked for explanation regarding last week’s hikes to the price of fuel.

“Is it the small, two to three per cent, rise in the price of crude that should have been absorbed (by companies) because previous reductions had not reached the levels they ought to?” the union said. “Or should there have been a further reduction justified by the huge 10 per cent rise of the euro against the US dollar?”

It urged the energy minister to adopt the transparency he had promised and commission a study on the matter.

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