12° Nicosia,
19 June, 2024

Ministry on high alert as fuel prices soar globally

Consumer protection service monitors surge as international trends drive costs up


Constantinos Karagiorgis, Director of the Consumer Protection Service at the Ministry of Commerce, Energy, and Industry, has noted a concerning and continuous rise in fuel prices on the international stage. He attributed this surge to producing countries' ambitions to surpass the $100 per barrel mark. This upward trend in fuel costs is causing a ripple effect, impacting consumer goods prices. The Consumer Protection Service is closely monitoring the situation to ensure proper procedures for fuel price adjustments.

As of September 19th, the price of petrol 95 increased by 5 cents per liter, diesel by 6 cents, and heating oil and agricultural oil by 6.5 cents per liter. The average prices stood at €1.60 per liter for petrol 95, €1.69 for diesel, €1.21 for heating oil, €1.19 for agricultural oil, €1.20 for kerosene, and €1.67 for 98 octane unleaded.

Price caps on bottled water in certain locations until November

The Consumer Protection Service plans to implement a price cap on bottled water at specific locations where competition is limited. These locations include closed beaches, theaters, cinemas, airports, and stadiums. The measure aims to address consumer complaints about excessive prices in these areas. It will not affect bottled water prices in places where competition is already functioning, such as supermarkets. The implementation of this cap is expected by November.

Cyprus  |  economy  |  consumer  |  energy  |  inflation

Business: Latest Articles