Fuel prices in Cyprus expected to rise further despite recent significant increases
Fuel prices in Cyprus, including gasoline, diesel, and heating oil, have significantly increased and are expected to rise further in the coming weeks, industry representatives report. Savvas Prokopiou, President of the Petrol Station Association, indicated that additional targeted government interventions could help, beyond the current fuel tax reductions. Consumers are also calling for subsidies, especially for heating oil, to ensure relief reaches end-users rather than retailers.
Dinos Lefkaritis, CEO of Petrolina, said Cyprus is currently better off compared to other European countries, with very low profit margins for fuel companies. However, he acknowledged an upward trend in prices globally. Marios Drousiotis, President of the Cyprus Consumers Association, noted that heating oil has now surpassed previous all-time high prices, and further increases are anticipated. He urged the Ministries of Finance and Energy to guarantee that subsidies are passed directly to consumers.
Overall, the situation remains unpredictable due to global market factors and refinery price adjustments. Industry stakeholders emphasize the need for carefully targeted government measures to mitigate the impact on vulnerable groups amid ongoing energy price volatility.
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