Newsroom
Drivers in Cyprus may soon feel a serious pinch at the pump, as fuel prices are expected to rise significantly in the coming days following Israel’s military strike on Iran and the resulting spike in global oil prices.
Speaking to the Cyprus News Agency, Savvas Prokopiou, president of the Gas Station Owners Association, confirmed that an increase is on the way.
“Unfortunately, we are expecting a rise in prices, and this time, it looks like it will be a steep one,” Prokopiou said, pointing out that international oil prices jumped by $10 per barrel in just two days.
While price hikes typically take 10 to 15 days to show up at local gas stations, due to the time it takes for new shipments to arrive, the direction is clear, Prokopiou said. “We don’t set the prices,” he added. “We just follow them.”
The Energy Ministry and the companies that import fuel are the ones who determine pricing, depending on when they receive new oil deliveries at the higher rates.
Meanwhile, economist Tasos Giasemidis warned that the escalating conflict between Iran and Israel is rattling global markets, adding volatility to an already fragile international economic landscape.
“The oil market had just started to stabilize, with prices falling and producers pledging to increase supply,” Giasemidis said. “Now, this new flare-up has reversed that trend.”
He noted that how long the conflict lasts and how deep it gets will play a key role in determining the overall impact on energy costs and market stability.
“Iran continues to be a major concern for the global community, not only because of its nuclear ambitions but also due to its support of armed proxy groups,” Giasemidis said.
With uncertainty spreading, many investors are moving their money into safer assets. “We’re already seeing a surge in demand for gold, especially in the Middle East and parts of Asia,” he added.
For now, Cypriot motorists are being advised to keep an eye on pump prices and be prepared to dig a little deeper into their wallets in the weeks ahead.
