Newsroom
Greek Cypriot gas station owners are feeling the squeeze as many vehicle owners cross north to get petrol, causing up to 70% losses in the south.
A lot more cars with Republic of Cyprus licence plates are seen parked outside shops or at the gas pump in the north, according to Kathimerini Cyprus, where petrol is being sold a lot cheaper.
The latest price for Unleaded gasoline 95 Octane was recorded at €0.79 per litre, while Diesel cost about 76 cents and Unleaded 98 Octane about 83 cents.
These northern prices are about €0.50 cheaper from petrol in the Republic of Cyprus, where Unleaded gasoline 95 Octane is on average at €1.33 per litre, €1.386 for Unleaded 98 Octane about 83 cents, while Diesel cost about €1.347.
Gasoline and medicine prices are sold at a much lower price, resulting in what Greek Cypriot business owners see as unfair competition
The new petrol trend in the north echoes the overall increase in Greek Cypriots carrying out transactions north of the Green Line, with a total value of €1,026,063 in April 2018, a noticeable jump from April 2017 where transactions came to a total of €727,860.
Gasoline and medicine prices are sold at a much lower price, resulting in what Greek Cypriot business owners see as unfair competition.
Some gas station owners in the south blame higher prices on taxation in the Republic of Cyprus, saying that many taxi drivers would pull up at the pump to put a few euro worth of gas and then fill up later in the north.
But critics say both gas prices and the cost of medicines in the south are much higher than normal due to high profit margins, with a formula on medical drugs jacking up the price not only much higher than other European countries but also providing up[ to 30% profits for pharmacies.
Members of the Commerce House committee are expected to bring up the issue for discussion soon, when Finance Minister Harris Georgiades will join them next week.
But there have been no indications from the government of any action on the matter of petrol prices, while sources say MPs could be getting ready for counter measures.
