Energy Ministry urges fuel companies to act responsibly amid price hikes

09:06 - 16 June 2025

Economy Reporter

The Ministry of Energy, Commerce, and Industry has urged fuel companies to act with the "utmost responsibility" in light of recent developments in the Middle East, saying it remains vigilant while monitoring the situation in the region, which triggered a sharp surge in crude oil prices on international markets.

In a joint statement with the Consumer Protection Service (CPS), which is under the Ministry's purview, they reaffirmεδ their commitment to closely monitoring both wholesale and retail fuel prices in the Cypriot market daily.

Furthermore, the Ministry and the CPS warn that any price hikes deemed unjustifiable, based on international refinery rates and the most recent import costs to Cyprus, will prompt swift action. "Should such discrepancies be identified, the Service will immediately recommend to the Minister the adoption of measures by the provisions of current legislation," the statement reads.

The Minister of Energy, Commerce, and Industry reiterated the call for accountability, urging all fuel companies to exercise restraint and refrain from pricing practices that fail to reflect the market's actual dynamics accurately.

The statement concluded by underscoring that ensuring transparency and safeguarding consumer rights remain "top priorities" for the Ministry.

(Source: CNA)

Energy Ministry urges fuel companies to act responsibly amid price hikes

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