Fuel prices have dropped, but increases are anticipated

Kathimerini.com.cy

On January 8, 2023, the cost of 95 gasoline was 44 cents less per liter than it was on July 12, when it reached an all-time high of €1.828 per liter. The cost of heating oil decreased by 35 cents per liter, and the cost of diesel fell by 40 cents per liter, according to the Cyprus Consumers Association's Consumer Price Table. However, based on international oil price increases, fuel prices are likely to rise in the coming days.  The president of the Association of Petrol Distributors, Savvas Prokopiou, told "K" that, given the short duration of the increases in international prices, the pass-through to the final retail price in Cyprus is also expected to be brief. He stated that it is up to the oil companies to determine when prices will begin to rise.

According to Marios Droussiotis of the Consumers' Association, based on estimates, retail prices will rise by 3-5 cents with the arrival of the next cargo, but the increase will be temporary and will be followed by another decrease.

Brent oil is currently trading at $80.8 per barrel, representing a 2.8% increase. 

According to Consumers' Association tables, from 1 January 2022 to 8 January 2023, the price of 95 petrol will rise by 7 cents, the price of diesel will rise by 11.99 cents, and the price of heating oil will rise by 24.57 cents per liter.

From 1 January 2022 to 8 January 2023, the price of petrol 95 will rise by 7 cents per liter, while diesel oil will rise by 11,99 cents per liter.

On January 8, 2023, the price of gasoline 95 increased by 31.6 cents per liter compared to January 1, 2021, the price of diesel oil increased by 48.8 cents, and the price of heating oil increased by 51.1 cents per liter.

On January 8, 2023, the price of gasoline 95 was up 17.8 cents a liter compared to March 10, 2020, before the start of the coronavirus pandemic, the price of diesel oil was up 35.5 cents a liter, and the price of heating oil was up 38 cents a liter.

Furthermore, according to the Cyprus Consumers Association's Consumer Price Table, significant increases were recorded in December 2022, primarily in the prices of various printed matter, lamb and goat meat, refrigerators, freezers and deep freezers, garden equipment, food processing appliances, sugar, other solid fuels, olive oil, and cocoa and powdered chocolate.

Prices for fresh vegetables, excluding potatoes and other bulbs, vegetables, liquid fuels, potatoes, flour and other cereals, oil, lodging services, and fresh fruit, among others, fell significantly over the same period.