Cyprus expects another rise in fuel prices — Cyprus Mail

Fuel prices in Cyprus may rise again in the coming days, while the retail price of diesel has reached its highest levels. This was stated by Savvas Procopiou, head of the association of petrol station owners, Cyprus Mail reports.

Oil prices and taxes

According to Procopiou, the price of Brent crude has stabilized at slightly more than $100 per barrel in recent days. As of the afternoon of October 14, it stood at $105.80 per barrel.

He noted that fuel prices are expected to continue rising due to components of the wholesale price, including value-added tax. Procopiou also said that a significant share of these revenues goes to the state treasury.

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Petrol and diesel prices

The average retail price of a litre of A-95 petrol in Cyprus was €1.759. The highest price, €1.829 per litre, was recorded at three filling stations: Shell in the village of Timi in the Paphos district, Petrolina in the Nicosia suburb of Latsia, and Eni in the Nicosia suburb of Strovolos. The lowest petrol price was €1.669 per litre at the Fill 'n' Go station in the village of Pyrga in the Larnaca district.

The average diesel price was €2.019 per litre. The most expensive diesel was sold for €2.126 at a Petrolina filling station on the Limassol seafront, while the lowest price, €1.939 per litre, was at the Fill 'n' Go station in Pyrga.

Procopiou called on the Finance Ministry to support vulnerable population groups and professionals for whom fuel is a major expense. He also proposed doubling the heating fuel subsidy for residents of mountainous areas. On September 30, the government reduced the excise duty on heating fuel from 7.4 to 2.1 euro cents per litre, but the report does not specify what exactly the proposed doubling of the subsidy would entail.