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17 June, 2024
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Fuel prices set to surge amid Israel conflict

Minister predicts a looming surge in fuel over the coming days


In an exclusive interview with SPOR FM and the show DIASPORA NEWS, Minister of Energy George Papanastasiou predicted a looming surge in fuel prices in the coming days, attributing it to the ongoing conflict in Israel. Papanastasiou emphasized that historically, unrest in Middle Eastern nations has consistently driven up oil prices.

Adding to the mounting pressure, Papanastasiou noted that the OPEC's objectives, including reducing production and targeting a $100 per barrel price for oil, are compounding the situation stemming from the Israel conflict, thus creating a perfect storm for further price hikes.

The Energy Minister did offer a glimmer of hope, suggesting that once geopolitical conditions stabilize, fuel prices could recede. However, he cautioned that they rarely return to their initial levels.

When questioned about potential support for citizens grappling with the impending fuel cost escalation, Papanastasiou alluded to targeted measures, particularly related to electricity bills. He emphasized that the Ministry of Energy has publicly conveyed its stance on support measures and that the final decisions rest with the Ministry of Finance.

Cyprus  |  fuel  |  economy  |  Israel

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