Government says Cyprus fuel prices acceptable amid EU-wide increases, contradicting consumer concerns
Cyprus government officials stated on Tuesday that retail fuel prices are currently at acceptable levels when viewed in a European context, despite rising costs noted by consumers and MPs. Constantinos Karagiorgis, director of the Consumer Protection Service, highlighted that recent price increases in Cyprus have been lower than the EU average, with the nation boasting some of the lowest absolute prices for Unleaded 95 and heating fuel within the bloc.
Karagiorgis explained that an econometric model is used to monitor market fluctuations, incorporating data from fuel importers, Platts benchmark prices, and currency exchange rates. However, MPs expressed frustration over a lack of transparency, demanding insights into the pricing formula and consumer tax burdens, to which officials declined to provide clear answers.
The consumer association challenged government claims by revealing inconsistent price adjustments at petrol stations despite a recent consumption tax cut. Meanwhile, the Commission for the Protection of Competition confirmed it is investigating possible pricing concerns but noted that uniform prices alone do not imply collusion. The debate underscores ongoing tensions between authorities and lawmakers over fuel pricing transparency and fairness in Cyprus.
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