The Cyprus Consumers Association has raised the issue of reinstating fuel subsidies, noting that fuel prices have skyrocketed since 1 March and will continue to increase.
More specifically, the Association notes that from 1 March, 2026 to date, the price of 95 octane gasoline increased by 10.7 cents per litre, diesel by 16.7 and heating oil by 13.6 cents per litre.
"Unfortunately, our assessment is that the increases will continue not only this week, but also at least next week," the Association says.
As it notes, the prices currently in force are significantly higher compared to the prices prevailing during the state's first decision to subsidize fuel on 7 March, 2022.
According to a comparative table prepared by the Association, on 7 March, 2022 the price of 95 octane gasoline was €1.443, while today it is €1.422, just €0.021 lower.
On the other hand, however, the price of diesel is currently €0.079 higher, as it stands at €1.58, compared to €1.501 on 7 March, 2022. Correspondingly, the price of heating oil is currently at €1.086, 6 cents higher than in 2022, when it was at €1.026.
Additionally, the Association reports that the Consumer Price Index in March 2022 was 107 units, while today it is 117 units.
The financial soundness of public finances will not be greatly affected by a reinstatement of fuel subsidies for a specific period of time, the Association estimates, while noting that the repeated official statements by the Minister of Finance regarding the State's finances are that they are at a satisfactory level.
"Therefore, since the current state finances will not be affected by a reinstatement of the fuel subsidy and consumers need this support, the Cyprus Consumers Association believes that the reinstatement of the fuel subsidy is necessary," it emphasises.
According to the Association's estimates, the total reduction in retail fuel prices from a potential reinstatement of the subsidy will be 8.3 cents per litre for gasoline and diesel and 6.2 cents per litre for heating oil.
The Association appeals to the Ministry of Finance to take into account the current prevailing economic situation for consumers and to seriously consider the possibility of immediately reinstating the fuel subsidy.
(Source: InBusinessNews)
