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12° Nicosia,
01 October, 2022
 
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Up to 10 cents more for oil and gas from today

Wholesale fuel prices have already been raised by two oil import companies

Maria Eracleous

An increase in the price of fuel is expected to begin today. The deputy director of the Consumer Protection Service, Antonis Ioannou, told Kathimerini that one company has already informed the department of a 10 cent per liter increase based on their recent oil purchase at the current price of Brent oil, which is about 100 euros per barrel.  Another company that imports petroleum products also informed the department about the increase in consumer costs.

This development essentially means that the recent reductions in excise duty on petrol and diesel at 8.3 cents and heating at 6.4 cents per liter are being offset by new increases.

It is important to note that these increases relate to the wholesale selling price of fuel per liter. One company increased selling price to between 4-7 cents and the second company increased by up to 10 cents. The final retail price will be adjusted according to the pricing policy applied by each service station.

As the president of the Association of Gas Station Owners, Savvas Prokopiou, explained, the other companies are expected to follow in the coming days, since the prices of Brent oil are rising fast internationally. This development essentially means that the recent reductions in excise duty on petrol and diesel at 8.3 cents and heating at 6.4 cents per liter are being offset by new increases.

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Cyprus  |  economy  |  energy

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