Newsroom
Oil is getting through the Strait of Hormuz again in substantial quantities. For drivers in Cyprus, however, the prospect is still another increase at the petrol station.
Petrol and diesel could rise by a further 2–3 cents a liter this week, fuel retailers’ representative Christodoulos Christodoulou told the Cyprus News Agency on Monday. He said prices may not yet have reached their peak. The increase is an industry forecast, rather than a confirmed change at every station.
For anyone watching tankers move through Hormuz and waiting for cheaper fuel, the apparent contradiction is frustrating. More oil reaching the market should help. But getting it through the strait is only one part of getting fuel into a car.
The route is passable, but the risks remain
Regional exports have recovered strongly, although attacks on tankers continue to threaten shipping. Reuters reported Monday that Gulf exporters exceeded prewar volumes on several days in September, using Hormuz and alternative routes. The passage remains dangerous and unpredictable.
Those risks carry a price. Shipping, insurance, and routing costs remain elevated, while Brent crude was trading around $100.59 a barrel early Tuesday despite the improvement in exports.
There is also the task of turning crude oil into usable fuel. A Reuters analysis published Monday identified expensive tanker transport and reduced refining capacity as continuing pressures, particularly for diesel. More crude getting through cannot, by itself, repair that system.
How the pressure reaches Cyprus
Christodoulou said prices here are also affected by the cost of refined fuel supplied from Greece. He attributed the expected increases partly to earlier international price rises that, in his assessment, have yet to work their way through to local pumps.
He put average diesel prices at around €2.03 a liter and petrol at €1.74, while noting that consumers are increasingly buying smaller amounts, often putting just €20 into their tanks.
A further 3-cent increase would add €1.50 to a 50-liter fill. For commuters, delivery drivers, and small businesses, the pressure comes from these increases accumulating on an already expensive bill.
