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Further fuel price hikes expected, currently near €2 a litre

opec oil prices fuel petrol station

The price of diesel at the pump is a hair’s breadth away from €2 a litre according to the latest price observatory issued by the consumer protection service of the energy ministry, the Cyprus News Agency reported on Tuesday amid projections of further increases ahead.

According to fuel price observatory, diesel prices range from €1.999 to €1,808 a litre, averaging at €1.914.

The price observatory tracks prices at petrol stations across the island, allowing consumers to compare prices for unleaded 95 and 98, diesel, kerosene and heating fuel.

The price of unleaded 95 ranges from €1.867 a litre to €1.755, averaging at €1.806.

There is considerable fluctuation between the various petrol stations, which the head of the petrol stations association Savvas Procopiou attributed to the different period at which petrol stations of different companies are restocked.

“Increases by the companies are not introduced on the same day,” he told the Cyprus News Agency, but noted petrol stations of the same brand should have similar prices.

“If you see differences in prices at petrol stations of the same companies, then there is an issue,” he added.

Moreover, there are petrol stations on the market which may receive different discounts, but petrol station owners rely on the company and cannot sell at lower prices as the discounts offered are very low at some 2.5 per cent, he said.

As regards further increases, Procopiou said it was difficult to make projections as this is dependent on world prices where recent projections have not been confirmed

But speaking on CyBC, association spokesman Christodoulos Christodoulou warned that prices could shoot up further, even surpassing €2.5 a litre if world prices rise.

Cyprus Consumer Association president Marios Droushiotis told CyBC’s Trito that further hikes in prices were expected next week, with the €2 threshold set to be broken in July.

Higher petrol prices and costlier electricity are fuelling inflation and enraging consumers, adding pressure on the government to adopt additional measures – including a price ceiling — to cushion the sharp increase in the cost of living.

Cost of living concerns were discussed in the national council on Monday, with Finance Minister Constantinos Petrides understood to be considering targeted steps to help the most vulnerable.

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