Consumers’ Union slams high fuel prices

Soaring fuel prices when international levels are going down were slammed on Friday by the Cyprus Consumers’ Union.

In the last six months days, an increase of 27-30 per cent was seen in fuel prices in Cyprus, while the price worldwide fell by 50 per cent, Consumers’ Union president Loukas Aristodemou told the Cyprus Mail.

And in the last few days alone companies have raised prices, he added.

“Companies add transportation costs from Larnaca to Vasilikos station to the fuel prices, which is completely contrary to national and European competition rules,” Aristodemou said.

“The Union demands transparency and explanations for why some are allowed to operate with such instability at the expense of the fuel that causes additional harm to the consumers,” he said, calling on the Commission for the Protection of Competition to act and immediately restore the competition rules.

“Companies are keeping prices high, perhaps with the tolerance of the state, in an effort not only to recoup their loss due to pandemic but even the loss from Greek Cypriots who have been increasingly filling their vehicles in the north, taking advantage of the much lower price of fuel there,” he said.

According to Aristodemou, the loss from people buying fuel in the north exceeds €100 million.