Fuel prices in Cyprus remain among the lowest in Europe, according to Constantinos Karagiorgis, the director of the consumer protection service. Speaking on Friday, he noted that the service closely monitors refinery prices and shipments arriving in the country to ensure fair pricing for consumers.
“We are monitoring refinery prices and the shipments arriving in Cyprus. If we see that market prices are unjustified, we will intervene,” Karagiorgis stated, emphasising the service’s commitment to acting against any unjustified price increases.
In light of a recent report from a consumers’ association highlighting unannounced price hikes at 22 petrol stations, he underscored the importance of examining the complete market landscape. “We do not comment on statements made by anyone who does not have a complete picture of market conditions and who seeks to create a false impression among the public,” he remarked, especially as many consumers are already facing significant price challenges.
Responding to concerns about the recent decline in oil prices, which have dipped below $100 per barrel without a corresponding decrease at the pump, Karagiorgis explained that retail fuel prices are more closely linked to refinery prices rather than the prices of crude oil on the international market. The consumer protection service, he noted, has a defined role in monitoring these prices, adhering to relevant legislation while tracking fluctuations daily.
Karagiorgis also pointed out that Cyprus currently ranks as the third cheapest country in Europe for 95-octane petrol and fifth for diesel. This ranking persists despite notable increases in refinery prices, which surged by 55% for petrol and 103.3% for diesel from February to April. During this timeframe, retail prices at the pump rose by 21.4 cents per litre for petrol and 45.3 cents per litre for diesel.
As of Friday, the average price for 95-octane petrol in Cyprus stood at €1.53 per litre, with prices varying between €1.44 and €1.60 across different areas. Diesel prices averaged €1.86 per litre, with the lowest recorded at €1.75 and the highest at €1.93.
Karagiorgis highlighted the freedom of the market, explaining that this leads to significant price differences among petrol stations. He encouraged consumers to compare prices and opt for the most economical options available.
