Fuel prices in Cyprus are expected to fall within the next 10 days, following a recent drop in international oil prices, petrol station owners’ association chairman Savvas Prokopiou said on Thursday.

Prokopiou told the Cyprus News Agency (CNA) that fuel prices had moved unevenly in recent days, with some fluctuations recorded in both oil and petrol.

“Last week the price of oil decreased slightly and the price of gasoline increased slightly,” he said.

However, he noted that international oil prices had recently recorded a sharp decline of around $10 to $15, although such movements usually take time to be reflected in the Cypriot market.

These reductions, he said, normally reach Cyprus after 10 to 15 days, in the same way that international price increases are also passed on with a delay.

“I believe we will see some price reductions in Cyprus in the next 10 days, despite the fact that in recent days we have had increases in international oil prices,” Prokopiou added.

At the same time, he cautioned that the market remains volatile, with several factors still creating uncertainty.

“There are still uncertain factors,” he said, adding that “one day, the situation creates some hopes and the next day these hopes are lost.”

Still, based on previous market patterns, Prokopiou said some relief at the pump was likely in the coming days.

“Based on our experience, there will be some reductions in the next 10 days, but the situation is still unstable,” he concluded.