One pressing topic takes centre stage in many discussions this summer: the escalating cost of fuel compared to last year and the burden it places on consumers.
Especially during a period where, as of July 1, the price of motor fuels has surged by approximately 8.32 cents per litre, thanks to the reinstated consumption tax rate that had been lowered in March 2022.
Fuel in Cyprus still cheaper than EU average
Recent data published by the European Commission on the preceding Thursday reveals the following benchmarks as of July 31: The average selling price of unleaded gasoline with an octane rating of 95 in Cyprus stands at €1.491.23 per litre, considerably lower than the European Union and Eurozone averages of €1.789.26 and €1.847.17 per litre, respectively.
Regarding diesel, the average selling price in Cyprus on the same date is €1.521.2. This figure is notably less than the EU average of €1.641.66 and the Eurozone average of €1.674.5.
Comparing the Costs: Year-on-Year
To gauge the extent of fuel price hikes, it’s vital to assess what consumers were paying during the same period last year. It’s important to note that last year, there was a reduced consumption tax, resulting in lower final fuel prices for consumers.
In Cyprus, the average selling price of unleaded gasoline with an octane rating of 95 was €1.099.43 in 2022, making it 35.75% cheaper than this year. Across the European Union, the average selling price last year was €1.085.03, which is 64.88% cheaper than in 2023.
In the eurozone, last year’s average was €1.095.36, which is 68.67% cheaper compared to 2023. The average selling price of diesel in Cyprus last year was €1.253.52, about 21.38% cheaper than in 2023.
Among the EU27, the average selling price of diesel was €1.171.81 last year, and in the Eurozone-19, it was €1.164.16.
Cyprus: Relatively affordable compared to other countries
Data released by the European Commission, dated July 31, indicates that Cyprus boasts an average selling price of unleaded gasoline with an octane rating of 95 at €1.492.23 per litre. This places the country as the fifth most affordable within the EU, trailing behind Bulgaria (€1.328.15), Malta (€1.340), Romania (€1.383.24), and Slovenia (€1.491.74). Conversely, Denmark tops the list with the highest average selling price at €2.047.53 per litre, followed by the Netherlands (€2.052), Greece (€1.948), and Finland (€1.912).
In terms of diesel, Sweden holds the title of the priciest EU nation, with a selling price of €2.014.67. Finland follows closely at €1,830, and Italy comes next with €1,746.1 per litre.
Meanwhile, Malta claims the crown for affordability at €1,210 per litre, while Bulgaria (€1.278.5), the Czech Republic (€1.394.69), Lithuania (€1.418.41), Romania (€1.380), and Poland (€1.390.33) all contribute to the list.