The petrol station owners’ association on Thursday expressed its concern over a looming investigation on suspected fuel price distortion, claiming it would yield no tangible results and only cause delays.

“This could last for four to six years and if any infringements are identified, a new investigation will be required which will take even longer.”

The association’s remarks came a day after the commission for the protection of competition announced it would be launching an industry-wide probe in the fuel industry. It was sparked by suspicions of market distortions after observing data and press reports.

According to the association, it had already filed a report with “convincing evidence” that points to violations and could lead to steps to reverse this distortion.

It charged that instead of utilising this information, the commission was opting for a long process that could see things get worse by the time it’s done.

MPs have also expressed concerns over fuel prices, calling for “a policy to protect consumers” from high prices at the pump.

Chair of the House commerce and energy committee Kyriacos Hadjiyiannis asserted that in Cyprus there exists an “oligopoly” as well as inadequate checks on competition.

Last month, the Consumers’ Association urged authorities to investigate discrepancies in petrol prices between cities. Paphos was found to have the highest average fuel prices, while Famagusta reported the smallest price gap between the most expensive and cheapest fuel.