Fear that petrol will hit €2 a litre

Fuel prices may soar local experts said on Monday, following escalating uncertainly in the Middle East which has been described as “on the brink” amid fears of an Israeli counter-offensive against Iran.

Speaking on behalf of fuel station owners, Christodoulos Christodoulou said a rise in price of fuel was certain, following recent events, but that the cost of crude oil was fluctuating and being closely monitored.

“Brent [crude] oil is around $91 as of today and further rises are expected,” Christodoulides said. “We are worried as everyone is… should the price go above $100, God help us all. We may exceed €1.70 or €1.80 per litre.

“If we look at the example of Greece, yesterday in some areas petrol was above €2,” he said speaking to Alpha TV.

Compared with last week prices have already seen an increase of 20 to 50 cents.

Average prices on Monday morning for unleaded 95 were €1.50-€1.53, with the lowest recorded at around €1.46, and the most expensive around €1.61.

For unleaded 98, were around €1.60 average, with the cheapest around €1.52 and the most expensive around €1.71.

Diesel prices have rocketed with the average recorded at around €1.60, the cheapest at €1.54, and the most expensive at €1.65.

There is also a risk of prices hitting and exceeding the €2 threshold as happened in June 2022, Christodoulou said.

Consumers Association President Marios Droushiotis said prices were high and concern was understandable, however, it was positive that, so far, international crude oil prices have not seen the expected rise.

“The price is currently slightly lower than last week. However, some price increases are to be expected as they are catching up from increases in previous weeks,” he said.

Over the past eight to nine days, petrol prices have increased by 4 cents and diesel by 1.5 cents.