Fuel prices across Cyprus appear to be distorted in 2023 – 2024, with significant price differences across cities, the Cyprus consumers association said on Wednesday.

Nicosia in particular appears to have the biggest discrepancy between the cheapest and most expensive gas stations. Statistics for September 11, showed a 21-cent price difference per litre for petrol, 23 cents per litre and 25.8 cents for heating oil per litre.

Famagusta province had the smallest deviation between the highest and lowest price, the association added.

It also specified that the highest and lowest retail prices are observed only in Nicosia and that the highest average price for all types of fuel are found in Paphos.

The association thus concludes that in Nicosia, healthy competition does not appear to be working. The average profit margin by oil import companies to retail stations is between 6 and 6.5 cents per litre.

“It’s not possible under conditions of healthy competition to have 25.8 cent per litre price range for heating fuel, 23 centre per litre for diesel and 21 cents per litre for unleaded 95.”

In its last investigation published 24 June, the respective price ranges were 25.8 cent per litre for heating fuel, and 14 cents for diesel and unleaded 95.

“As can be seen, the price range increased by 64 per cent for diesel and 50 per cent for unleaded 95.”

The association said there was a different pricing policy in every city which should be investigated to uncover the reasoning.

It added there was increasing evidence of distortions in fuel pricing.