A ceiling on fuel prices is not justified, according to the state consumer protection service, which rejected opposition claims that price hikes in Cyprus were higher than other countries.

The service said it monitors wholesale and retail prices on a daily basis and based on current data, “setting a ceiling is not justified.”

In a written statement, the service said the fuel market in Cyprus is supplied with imported ready, distilled products.

“Pricing of distilled products imported to Cyprus is done using the Platts Basis Italy daily index for each type of fuel.”

Prices are affected by a substantial number of factors like the import price, the volume of reserves the companies have at the time of import, currency exchange, and taxes.

“A very important parameter in fuel prices is taxation, which makes up around half the retail price,” the service said.

EU data showed that prices in Cyprus were comparable the EU average before taxation.

In fact, the price after tax is quite favourable for Cypriot consumers, the service said.

It denied not doing anything against profiteering, adding that it studied the data on a daily basis and whenever necessary it intervened.

“At the moment, there is no need for an intervention.”

The European Commission publishes an Oil Bulletin every Thursday with the prices in the 27 member states that can be used for comparison.