Fuel prices in Cyprus remain among the lowest in Europe, consumer protection service director Constantinos Karagiorgis said on Friday.

“We are monitoring refinery prices and the shipments arriving in Cyprus. If we see that market prices are unjustified, we will intervene,” he said.

He added that if any unjustified price increases are detected, the consumer protection service will make the appropriate recommendations to the minister and take the necessary measures.

Asked about a recent consumers’ association report on unannounced price increases at 22 petrol stations, Karagiorgis stressed the importance of considering the full range of market data.

“We do not comment on statements made by anyone who does not have a complete picture of market conditions and who seeks to create a false impression among the public, at a time when people are already suffering due to significant price increases,” he said.

Responding to questions about the recent drop in oil prices to below $100 per barrel without a corresponding decrease at the pump, he explained that retail fuel prices are determined by refinery prices rather than international crude oil prices.

“The consumer protection service has an institutional role in monitoring fuel prices based on the relevant legislation, and it systematically tracks price fluctuations on a daily basis,” he said.

According to Karagiorgis, Cyprus currently ranks as the third cheapest country in terms of the price of 95-octane petrol and the fifth cheapest for diesel.

This comes despite recent increases in refinery prices of 55 per cent for petrol and 103.3 per cent for diesel between February and April. During the same period, retail prices rose by 21.4 cents per litre for petrol and 45.3 cents per litre for diesel.

According to the consumer protection service’s retail fuel price observatory, the average price of 95 gasoline stood at €1.53 per litre on Friday, ranging between €1.44 in some areas and €1.6 in others.

At the same time, the average price of diesel stood at €1.86 per litre, with the lowest price recorded at €1.75 and the highest at €1.93.

“The market is free, which is why there are significant price differences between petrol stations,” Karagiorgis said, urging the public to compare prices and choose the cheapest option.