Slight increase in fuel prices

A slight increase in fuel prices was recorded in the last three weeks in Cyprus, according to the Consumer Protection Service (CPS) of the Ministry of Energy, Commerce and Industry. As Andreas Christou, a CPS officer, told CNA, no one can predict whether prices will keep increasing, but he noted that the recovery of the euro against the dollar is a positive sign.

When in the summer of 2022 the price of fuel reached its highest point in Cyprus, Christou explained, the euro was subject to its greatest devaluation in years, which had a negative impact on its value in the fuel market, where all contracts are executed in dollars.

“The past few months, the euro is recovering, which increases its purchase value,” Christou told CNA and noted that even if the difference is merely a few cents, it will still be evident for consumers.

When asked whether the latest increase in prices may be a sign of further increases in the future, Christou replied that no one can predict that.

He said that many factors affect fuel prices in Cyprus, among which are the price of imported products, the available stocks petrol companies have at the time of import, the exchange rate between the euro and the dollar, as well as local fuel taxes. As many of these factors may vary from time to time, no one knows if fuel prices will increase or decrease, he explained.