Fluctuations in international oil prices remain constant and, as long as the war continues, it is impossible to accurately predict how high they may go, Savvas Prokopiou, President of the Cyprus Petrol Station Owners Association, told the Cyprus News Agency.
“At this stage, the upward trend continues,” he said, noting that stability cannot be expected without clarity on the outcome of the war in the Middle East.
“Prices on the global market are constantly changing with each announcement. We cannot draw conclusions. For the time being, a further slight upward trend is expected,” he added.
Asked about the pricing formula linking international oil prices with those at Cypriot petrol stations, Prokopiou said that petrol station owners do not have access to such a formula. He pointed out that in 2022, when the price per barrel reached $120, the price of diesel in Cyprus rose to €2 per litre.
Similarly, the price of 95-octane petrol reached €1.80. “We expect a more stable situation if the price per barrel remains below $100,” he said.
He also noted that responsibility for monitoring and determining final prices lies with the Consumer Protection Service. “The checks are more observational at this period,” he said, calling for “pressure to be placed on companies” to keep prices at the lowest possible levels.
At the same time, the association’s president expressed hope that the government will respond positively to what he described as a “universal” request for a reduction in fuel taxes, as part of measures to mitigate the economic impact of the war on households.
“With state intervention, we hope the situation will improve,” he concluded.
(Source: CNA)
