Cypriot drivers face weeks of climbing fuel costs after crude oil swung from $93 to $117 a barrel in less than 24 hours, the head of the Association of Cyprus Petrol Station Owners warned on Monday.
Savvas Procopiou told the Cyprus News Agency (CNA) that oil was trading at around $93 a barrel on Friday evening before surging to $115 at Monday’s open, hitting $117 before easing back to around $107. Pumps had already registered a first increase of roughly two cents per litre last week, he said, with more to come.
“I believe there will be more increases this week, and over the next two to three weeks we expect gradual, stepped increases in fuel prices,” Procopiou said. Asked whether this week’s rises would exceed last week’s, he said: “Based on experience, I think they will be higher.”
He said the initial price rises began as fears of regional conflict mounted, with Friday alone seeing crude jump around $10 a barrel in a single day. Weekend attacks on oil fields and storage facilities then drove prices higher still.
Procopiou cautioned that precise predictions were difficult during periods of geopolitical tension, pointing to the price volatility that followed the outbreak of the Russia-Ukraine war in 2022. He said more detailed pricing information would be available from fuel importers and the Consumer Protection Service of the Ministry of Energy, Commerce and Industry.
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