Cyprus fuel industry figures are cautious about imminent price cuts despite a fall in international oil prices following the US-Iran ceasefire announcement, saying the market remains too volatile for firm predictions.
Speaking to CNA, representatives of the Energy Ministry, the petrol station owners’ association and fuel importer Petrolina all said it is too early to draw conclusions, with Middle East developments capable of reversing the situation at any moment.
10-15 days if calm holds
Savvas Prokopiou, president of the Cyprus Petrol Station Owners’ Association, said reductions could come within 10 to 15 days if international markets remain stable.
He noted that prices in Cyprus typically lag behind international movements, and that just as increases came gradually, so too would any reductions.
Importers more cautious
Petrolina chief executive Dinos Lefkaritis was more guarded, saying no reliable forecast can be made at present given that developments in the Middle East could shift the picture at any time.
Ministry awaits clearer picture
Konstantinos Karagiorgis, director of the Consumer Protection Service at the Ministry of Energy, Commerce and Industry, said prices are expected to stabilise following the international de-escalation, but added it is far too early for firm assessments.
International backdrop
US President Donald Trump’s ceasefire announcement, set against the backdrop of the Strait of Hormuz, appears to have boosted optimism in energy markets. In Cyprus, however, those competent say stability in international supply flows and a clearer picture of the situation are needed before consumers see any meaningful relief.
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