Newsroom / CNA
Fuel prices in Cyprus are expected to increase in the coming days following recent upward pressure linked to the conflict in Iran, according to the head of the Pancyprian association representing fuel station owners.
Association president Savvas Prokopiou said wholesale fuel costs have already risen by about 10-12% since Friday, with the impact likely to reach service station prices within the next ten days.
He indicated that further increases are anticipated, while stressing that the current market response is not as severe as the spike recorded at the beginning of the Ukraine war in 2022, when price movements were significantly sharper.
Prokopiou noted that prices had been gradually climbing over the past 15-20 days, amounting to roughly a 10% increase overall. Even so, fuel remains approximately 10-12% more expensive compared with last Friday.
Despite the upward trend, he expressed cautious optimism, saying the relatively moderate rise in global oil prices suggests the situation may not escalate to the levels seen four years ago. A stabilization of crude prices below $80 per barrel, he added, would be viewed as a positive signal for the market.
