cyprus fuel — cyprus fuel — Fuel prices in Cyprus are expected to keep climbing in the coming weeks as global oil costs surge. This follows a significant rise in crude prices, which recently reached their highest levels since 2022 due to escalating conflict in the Middle East.
- Despite the troubling circumstances, Prokopiou expressed hope for a de-escalation in tensions, which could lead to a stabilisation of international energy markets in the near future.
On Monday, Savvas Prokopiou, chairman of the petrol station owners’ association, spoke to the Cyprus News Agency (CNA) about the recent spikes in crude prices. He noted that Brent crude even touched $119.50 a barrel, driven by supply cuts and fears of disruption in shipping routes connected to the ongoing US-Israeli war with Iran.
As these international trends begin to filter through to the Cypriot market, local petrol stations have already recorded an initial rise of around two cents per litre last week. Prokopiou expressed concern that further increases are imminent, stating, “I believe that this week there will be other increases, while for the next two to three weeks we expect gradual increases.”
He explained that when international oil prices rise, retail fuel prices in Cyprus typically adjust in stages rather than all at once. “It remains difficult to predict the scale of the increases, given how quickly market conditions can shift during periods of geopolitical tension,” he added.
Prokopiou highlighted that the upward pressure on fuel prices began amid fears of conflict and intensified following recent attacks on oil wells and storage tanks. The previous Friday alone saw crude prices jump by around $10 a barrel in a single day. Following the weekend’s events, crude prices experienced another significant increase.
When questioned about whether the expected rises this week would surpass last week’s increases, Prokopiou indicated that, based on historical patterns, they likely would. He mentioned that fuel importing companies and the consumer protection service at the energy ministry have a clearer understanding of the evolving market, which can be quite volatile.
Globally, the surge in oil prices is linked to growing concerns over supply shortages. The Strait of Hormuz, a crucial passage for one-fifth of the world’s oil and liquefied natural gas, is effectively shut, while damage to production and refining infrastructure in the region adds to market uncertainty. Prokopiou pointed out that similar price patterns were observed in 2022, during the outbreak of the Russia-Ukraine war, which also caused a spike in energy prices.
Despite the troubling circumstances, Prokopiou expressed hope for a de-escalation in tensions, which could lead to a stabilisation of international energy markets in the near future.
