Increases have already started at gas stations
Looking for the average prices across Cyprus, we found that the average price of unleaded 95 octane rose yesterday Tuesday afternoon, compared to the morning, and is 1.5 euros per liter, while the same was recorded for diesel, with the average price pan-cypriot to be set at 1.530 in the afternoon (compared to 1.527 in the morning).
According to the estimates, which are based on international developments and raw material prices, it is estimated that the course of prices will continue to be upward, making it more expensive to travel in the period of August 15th. According to Marios Drousiotis from the Consumer Protection Association, as early as yesterday, an oil company announced significant increases of 3.5 cents/liter for unleaded 95 octane, 4.5 cents/liter higher for diesel and by 6 cents/litre more for heating oil. In the coming days, the rest of the companies are expected to follow suit, with the increases being gradually incorporated into the tables of all gas stations throughout Cyprus. Now, compared to June (the period when the fuel consumption tax was not applied) the difference is around 12 cents higher for petrol and a little more than 12 cents for diesel. In particular, according to the latest June weekly fuel price overview bulletin covering prices valid on 26/6, the average retail price for unleaded 95 octane was €1.38/litre, diesel at €1.40/litre and heating oil at 0.972 euros/liter. In the corresponding bulletin for the prices valid on July 24, the price of unleaded oil climbed to 1.47 euros/liter and of diesel to 1.5 euros/liter. By the end of the week, the August gap – June will be at 14 cents, said the president of the Consumers Association, including the refund of the consumption tax. He expressed the assessment that based on international data, it is not excluded that within 10 days there will be new increases in the cost of motor fuel.
Compared to June 2023 when the subsidy was in effect, the increase in bills electricity for August is 25%.
+15% gasoline
For his part, the director of the Consumer Protection Service, Konstantinos Karagiorgis, said that fluctuations in prices will always exist, due to supply and demand in the market, while he confirmed that fuel prices recently appear to have an increasing trend, as a result of two situations . On the one hand, the increased demand from the Chinese market for oil and on the other hand, due to the fact that the oil producing countries of OPEC set the goal of increasing the price of oil beyond 100 dollars per barrel. This automatically has created a trend of high demand from many countries, with the result that the increased demand has an impact on refinery prices as well. That is why the prices of the refineries in the last two months have recorded increases which are structured as follows: In unleaded 95 octane the increase is around 15%, for diesel around 24% and for heating oil by 25%. He also pointed out that despite the increases, Cyprus is the 5th cheapest country in the ranking for 95 octane petrol, 12th for diesel and 11th for heating oil.
He noted that how fuel costs will move in the next period cannot be predicted, since there are unstable factors that affect demand and supply, while the prices of Plat's as a stock market product cannot be predicted either. What is recorded by the Service is that fuel prices in Cyprus are reasonable based on the data – based on the formula applied – and there is no need to take any action on the part of the Service.
How much is a kilowatt hour
But what about the price of electricity? At the beginning of each month there is a fuel price adjustment that shows how the cost of electricity will move in the next period. According to EAC press representative Christina Papadopoulou, the kilowatt-hour price for August bills will be reduced by 1.8% compared to July bills. It is recalled that in July the government subsidy for electricity was removed, which means that the comparison is made with a month in which a significant increase in bills was recorded. An August bill with 800 kilowatt hours (which is the average consumption of a family for two months), will be 266 euros. Compared to last year in the same month, i.e. August 2022, for the same consumption the cost was 293 euros and a decrease of 9% is recorded. However, compared to June 2023 when the subsidy was in effect, the increase in August bills amounts to 25%, since for the same consumption the cost was 212 euros two months ago. However, it should be noted that due to the particularly high temperatures, the consumption of electricity also increased, which burdens the final amount shown in the following bills even more.
source: ECONOMICS/Maria Herakleous
