Fuel prices in Cyprus are expected to fall within the next ten days following a sharp drop in international oil prices, the President of the Pancyprian Association of Petrol Station Owners said.
Speaking to CNA, Savvas Prokopiou said international oil prices had fallen sharply in the recent period — by around $10 to $15 — but that such movements typically feed through to the Cypriot market with a delay of ten to fifteen days, as is also the case with price increases.
He noted that prices had been volatile in recent weeks. Last week, the price of diesel fell slightly while petrol rose a little, he said.
“I believe we will see some reductions in prices in Cyprus over the next ten days, despite the fact that in recent days international oil prices have increased,” Prokopiou said.
He cautioned that unpredictable factors remained, with the international picture still volatile. “One day the situation creates some hope, and the next day that hope is gone,” he said.
He added that based on the experience of petrol station owners, some fuel price reductions over the coming ten days were a reasonable expectation, though the regional war remains unsettled.