Consumers’ association demands transparency on fuel prices

The Cyprus Consumers’ Association (CCA) on Monday called for transparency on fuel prices, asking the fuel monitoring authority to explain why pre-tax fuel prices from October to December 2023 deviated significantly from the EU average.

During the period from October through December 2023, the association claimed consumers paid 4-5 cents per litre higher for certain fuels, corresponding to a total from €4.5 million to as much as €5.5m.

CCA described the fuel monitoring authority’s statement that it closely monitors prices, and that they are “reasonable”, as unsatisfactory.

Although retail prices for some types of fuel showed a noticeable decrease in recent months, diesel and heating oil are more expensive than they were before the repeal of the first subsidy in November 2023.

The association recalled that the subsidy currently under debate for extension through March 3 was introduced on March 7, 2022, and was cancelled from June 30 until its reintroduction on November 3, 2023.

Retail prices under the current subsidy are 8 cents/litre lower on unleaded gasoline (95 octane), and 2 cents/litre lower on diesel, as compared to prices from the first subsidy period. However, the price of heating oil is 3 cents/litre higher.

Compared with prices just prior to the subsidy’s repeal, the association pointed out that unleaded petrol today is 2 cents/litre lower, though diesel is 8 cents/litre higher and heating oil is 9 cents/litre higher.

Compared to prices on November 2, 2023, the day before the second subsidy took effect, the retail price for unleaded petrol is now 19 cents/litre lower, diesel is 23 cents/litre lower, and heating oil is 18 cents/litre lower.

While it appears that in recent months there has been a noticeable decrease in the prices of fuel, “it should not escape [our notice] that compared to retail prices before the subsidy’s abolition at the end of June 2023, diesel and heating oil are 8 and 9 cents more expensive [respectively]”, the association noted.

CCA have posted relevant tables and graphs on their website in support of its claims.