Cyprus Business Now

The total sales of petroleum products in Cyprus experienced a small increase of 0.9 per cent year-on-year in September 2022, with sales from gas stations recording a decrease of 6 per cent year-on-year, declining for the fourth consecutive month amid high liquid fuel prices.

According to a report by the Cyprus Statistical Service (Cystat) released this week, the total sales of petroleum products reached 128,379 tons in September 2022, an increase of 0.9 per cent compared to September 2021.

There was a rise in aircraft oil sales, which rose by 19.7 per cent, sales of light fuel oil by 27.5 per cent, asphalt by 3.6 per cent, as well as LPG by 1.4 per cent.

Conversely, a decrease was recorded in oil supplies to ships, which fell by 28.3 per cent, sales of heavy fuel oil, down by 59.2 per cent, kerosene, down by 21.6 per cent, diesel, down by 5.2 per cent, as well as gasoline, with a fall of 3.7 per cent.

What is more, sales from petrol stations experienced a drop of 6 per cent, dropping to 57,178 tons during this time.

Compared to August 2022, the total sales of petroleum products in September 2022 increased by 5.2 per cent.

Furthermore, sales of motor oil increased by 15.7 per cent and gasoline by 6.1 per cent, while the supply of oil to aeroplanes recorded a drop of 1.6 per cent.

Total oil inventories at the end of September 2022 fell by 7.7 per cent compared to the end of the previous month.

Finally, in the period between January and September 2022, the total sales of petroleum products in Cyprus increased by 15.2 per cent compared to the corresponding period of the previous year.

The Industrial Production Index in Cyprus declined for the second consecutive month in August, compared to the corresponding month of the previous year, primarily dragged down by the electricity supply sector.

According to a report released this week by the Cyprus Statistical Service (Cystat), the index stood at 118.8 units in August, marking a decrease of 1.7 per cent compared to August 2021.

However, between January and August 2022, the index experienced an increase of 2.7 per cent compared to the corresponding period of the previous year.

The manufacturing sector experienced an increase of 3 per cent compared to August 2021, while growth was also recorded in the mining and quarrying sector with 15.6 per cent, as well as the water supply and materials recovery sector with a rise of 3.6 per cent.

Conversely, the electricity supply sector fell by 12.5 per cent ​​when compared to August 2021.

Furthermore, in terms of the manufacturing sector, the most important positive changes compared to August 2021 took place in activities related to the production of textiles, clothing and leather goods with 24.3 per cent, as well as the production of petroleum products, chemicals, chemical products, pharmaceutical products and preparations with 16.4 per cent.

Positive changes were also observed in the manufacture of furniture and the repair ad installation of machinery and equipment by 12.5 per cent, as well as in the manufacture of machinery and equipment, motor vehicles and other transport equipment, which grew by 10.3 per cent.

On the other hand, a significant decline was observed in the manufacturing activities of electronic and optical products and electrical equipment with a drop of 54.6 per cent.

The Central Bank of Cyprus (CBC) this week announced that it has set the reference interest rate at 9.4 per cent, for the purposes of article 314A of the Criminal Code Law, which refers to usury.

The bank explained in a statement that according to the article, a person who, when granting any loan, when granting or extending the payment period, when renewing or discounting a loan, receives, collects, charges, pledges or takes for himself or for a third party financial benefit or property benefits that exceed the reference rate, is committing an offence.

In addition, in the case of conviction, this person is subject to a prison sentence not exceeding five years, a fine not exceeding €30,000, or a combination of both of the two aforementioned penalties.

For the purposes of the relevant article, the term ‘reference rate’ refers to the average annual interest rates, including commissions, charges or any costs charged by banks for consumer loans, increasing by half, with a minimum increase of five percentage points and a maximum increase of up to ten percentage points units.

Finally, the central bank noted that the reference interest rate is calculated quarterly and published in the Official Gazette of the Republic of Cyprus.