Fuel prices in Cyprus are facing upward pressure, industry representatives said on Monday, after the international price of oil rose above $90 (€78) a barrel.

Speaking on behalf of the petrol station owners’ association, Christodoulos Christodoulou told theCyprus News Agency that small price increases had been recorded over the past fortnight, particularly for diesel which is averaging around €1.60 per litre.

Oil is presently trading at $90 to $91 (€78 to €79) a barrel, having risen from around $80 (€69) a barrel, within a week.

Christodoulou said it was too early to determine how much of the increase would reach consumers, since fuel companies must first receive cargoes bought at the higher rates.

“We cannot draw conclusions about what will happen to prices,” he stressed.

Christodoulou insisted that station owners are not directly privy to eventual increases, as fuel companies purchase stock and submit their invoices to the finance ministry.

The current extension of reduced excise duty on fuel expires on September 17.

Christodoulou said that without renewal, an automatic rise of 8.33 cents per litre, including VAT, would apply to both grades of petrol and diesel.

He estimated that should such a relief lapse, diesel could approach €2 a litre.

The measure reduces excise duty on petrol from €0.429 to €0.359 per litre and on diesel from €0.40 to €0.33 per litre.

Its extension was approved by the finance ministry so that the resumption of the House in autumn the matter could be reassessed.

The ministry has estimated that the relief has saved the public €15.5 million in total.

Asked last Tuesday whether a further extension was being considered, Finance Minister Makis Keravnos said such measures were “continuously evaluated in accordance with developments”, while conceding that European Commission rules require such measures to remain targeted and short term.

On supply, Christodoulou said there were no current shortages, with companies meeting station orders despite the regional crisis, and imports from both Greece and Israel unaffected.