Further cuts to retail fuel prices are expected in the coming days, on top of reductions already recorded over the past month, the director of the Consumer Protection Service at the Ministry of Energy, Commerce and Industry told CNA.
Konstantinos Karagiorgis said diesel prices have fallen by an average of 13.5 cents over the past month, while unleaded 95 petrol has dropped by an average of 2.4 cents. The president of the Pan-Cyprian Petrol Station Owners Association, Savvas Prokopiou, confirmed the same trend, also citing a reduction of around 13.5 cents in diesel.
Karagiorgis attributed the trend to a significant fall in platts prices — the refinery benchmark prices that feed into fuel shipments arriving in Cyprus. Based on current data, he said, this development is expected to feed through to retail prices in the coming days, producing significant additional reductions.
Uncertainty remains
Despite the downward trend, Karagiorgis cautioned that uncertainty persists in the international market and that the situation has not stabilised. New threats to close the Strait of Hormuz are maintaining market uncertainty, he said, adding that current retail prices reflect only the present situation and not future trends, as nobody knows what tomorrow may bring.
Wide price variations between stations
Karagiorgis noted significant price variations between petrol stations and urged consumers to choose stations with the lowest prices. According to him, the gap between the highest and lowest price for unleaded 95 reaches 17 cents, while for diesel the difference stands at 23 cents.
Based on Consumer Protection Service data for June 11, retail prices across Cyprus are as follows:
- Unleaded 95: average €1.586, cheapest €1.525, most expensive €1.699
- Diesel: average €1.739, cheapest €1.669, most expensive €1.892
- Heating oil: average €1.391, cheapest €1.338, most expensive €1.479
Three cuts in a month
Prokopiou told CNA that three price reductions have been recorded over the past month, particularly for diesel, which has fallen by around 12 to 14 cents from its peak following the outbreak of war in Iran. The reduction in petrol prices was smaller, he said, at between three and five cents.
He added that international oil prices have shown signs of stabilisation in recent days despite the situation at the Strait of Hormuz, with prices moving at around $90 to $95 per barrel over the past ten days. He described this as a positive sign and expressed hope that further price reductions would follow.
Call to extend subsidy
With the current fuel subsidy due to expire at the end of July, Prokopiou called on Finance Minister Makis Keravnos to extend the 8.3-cent subsidy for a further period to ease the burden on consumers. He said that if the financial capacity exists, the minister could grant an additional extension to the reduced fuel tax.
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