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22 July, 2024
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Big disparity of fuel prices on the island

Price ceiling being discussed

Source: CNA

The highest price for Diesel has reached €1.999 in Cyprus, according to the Consumer Protection Service's Fuel Retail Price Observatory. On average, diesel costs around €1.914, while at the cheapest gas station it can be found at €1.808. Unleaded gasoline 95 octane averages at €1.806. The cheapest unleaded 95 sells for €1.755, while the most expensive is at €1.867.

On the basis of the data, there seems to be a great disparity between different petrol stations across the island.

Invited to comment on that by CNA President of the Pancyprian Petrol Station Owners Association, Savvas Prokopiou, said this is due to the fact that companies supply their stations at different times.

Same company gas stations should have similar gas prices, he noted.

Prokopiou also said that the reason behind different prices could be the fact that different petrol stations receive different discounts.

Regarding the possibility of future price hikes, he noted that it would be difficult to make a forecast, as he could not know if and when international oil prices would fluctuate, adding that recent forecasts have not been accurate.

Internationally, according to Bloomberg, the price of crude WTI is at $111.52 per barrel, Brent at $115.01 per barrel. Natural gas on the Nymex market is $6.73 per million BTU.

Cyprus  |  energy  |  fuel

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