Cyprus Mail

Fuel prices surge after government tax measures end

sweden petrol
File photo

Fuel prices surged on Monday following the termination of the government’s reduced tax measure on petrol and diesel, resulting in an average increase of 8.3 cents per litre.

In addition to that, around October the introduction of green taxation is expected to further raise fuel prices, with the government still working on compensatory measures and incentivisation.

Increased consumption coupled with the upward trend in oil prices has led to rising fuel prices, especially for diesel. The international price of Brent crude continues on a steadily upward trajectory, hovering around $87 per barrel, indicating that a potential price reduction is unlikely to take place in the near future.

Last Thursday, the weekly EU OIL Bulletin oil report said that the average price of unleaded 95 fuel was €1.413,47, up by 0.71 per cent from the previous week.

The average price of diesel with the reference date of March 25 was €1.508,06, while the heating oil price in the latest measurement, according to the European price bulletin, was €1,068. The average price of unleaded petrol in the EU-19 countries, with the reference date of March 25, was €1.813,10, up by 1.05 per cent from the previous week.

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