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20 May, 2024
 
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Fuel prices surge once again. Diesel up 5 cents, unleaded 95 rises 3 cents

Prices Show 18-Cent Spike in Just Two Months; Consumer Protection Association Observes Industry Shift

Maria Eracleous

Maria Eracleous

As August draws to a close, fuel prices are on the rise yet again, signalling increased costs at the pump. The Pancyprian Consumer Protection Association reports that one oil company has already implemented price hikes, with others expected to follow suit in the coming days.

Based on data from the Fuel Price Observatory, the latest average fuel prices are as follows:

- 95 octane petrol: €1.556/litre
- Diesel: €1.622/litre (with a slight uptick already observed since 7:30 AM)
- Heating oil: €1.134/litre (largely used for water heating in apartment complexes and factories, consuming around 2,000 tonnes monthly)

This reflects a 3-cents-per-litre increase for 95-octane unleaded and a 5-cents-per-litre increase for both diesel and heating oil compared to the previous week. It's worth noting that following an 8-cent excise duty on fuel on July 1, prices stood as follows:

- 95 octane petrol: €1.469/litre
- Diesel: €1.492/litre
- Heating oil: €1.017/litre

Since July 1, 2023, fuel prices have collectively risen by an average of 18 cents per litre.

However, the current prices aren't record-breaking. Reminding consumers, it was on July 12, 2022, when fuel prices reached their highest point, hovering just shy of €2 per litre. Specifically, prices were:

- 95 octane petrol: €1.828/litre
- Diesel: €1.989/litre
- Heating oil: €1.515/litre

Marios Droussiotis, the president of the Consumer Protection Association, spoke to "K" and emphasized the association's past call for the reinstatement of fuel subsidies. These subsidies have been eliminated since July 1, 2023. Droussiotis cited current data as supportive of such a move for the next two months. This echoes a request made by the association in a statement released just last week.

[This article was translated from its Greek original]

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Cyprus  |  fuel  |  inflation  |  subsidies  |  economy

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