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Next Previous Crazy race on fuel prices in Cyprus HOME • INSIDER • CYPRUS • Crazy race on fuel prices in Cyprus
& nbsp & nbsp Άγγελος Νικολάου & nbsp; & nbsp;
Fuel prices in Cyprus are now outrageous, which are increasing despite the fact that the international price of Brent oil remains stable at just over $ 100 a barrel. Consumers who are even afraid to even enter the gas stations are justifiably worried, since with the available money they have in their pockets, they are supplied with fuel to gain a few more kilometers.
The price of gasoline and especially oil in recent weeks has skyrocketed to levels that the Cypriot driver could not have imagined in the summer of 2020, when in the midst of measures during the coronavirus pandemic, with € 1 you bought more than 1 liter of diesel fuel. Fuel prices have risen further since yesterday. Another 4 cents the price of oil and an additional 7 cents of gasoline. As a result, the average price of unleaded 95 is € 1,561 per liter, while for diesel the price is € 1,793 per liter. & Nbsp;
After yesterday's increases, which clearly show that not all gas station owners took advantage of them, there are huge fluctuations in the market. As a result, unleaded is sold from € 1,505 to € 1,690 per liter, ie a difference of € 0.185 per liter, while the price of diesel is available from € 1,711 to € 1,865, ie the difference is € 0.154 per liter. Heating oil is sold from € 1,212 to € 1,370 with an average price of € 1,268 and a difference more expensive than the cheapest gas station € 0.158 per liter.
The president of the Cyprus Consumers' Association, referring to the new fuel increases, expressed his concern. As he said only for the increases, the consumers paid from January until today a total of € 42.2 million. He even estimates that the state revenues for the two months May – June 2022 will increase further by € 31.4 million. He explained that for the quarter March – May when the excise tax was reduced, the state revenues decreased by only € 15.4 million
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He spoke of an even greater increase in state revenues from price increases and especially due to the Value Added Tax and called for an extension, for at least another three months, of reduction in excise duty to the lowest level forecast by the EU.
From the beginning of 2022 there is an upward trend in fuel prices and there are no signs of recession according to Mr. Drousiotis. Specifically, the average price of 95 octane gasoline in January 2022 was € 1,229 to reach today € 1,581, ie an increase of 35.2 cents per liter and diesel from € 1,419 in January reached € 1,793 per liter in May, that is, an increase of 37.4 cents per liter. & nbsp;
The price of Brent oil is currently moving at $ 107 a barrel, while it was close to $ 139 a barrel. In Cyprus, prices remain steadily rising despite the fluctuations of the international price. It is noted that Cyprus does not import crude oil but ready-made petroleum products such as gasoline, diesel and heating oil. Therefore, domestic demand is fully met through the import of finished refined products. The daily Platts Basis Italy index is used for the pricing of finished refined products imported to Cyprus for each type of fuel. It is emphasized that each fuel has its own variation. Therefore, the retail prices of petroleum products in Cyprus are influenced by a significant number of factors, such as the import price of products, the stocks held by petroleum companies at the time of fuel import, the dollar/euro exchange rate and the taxes imposed by the state.
Peleidou: In the Presidential with new measures to curb increases
The measures taken in the light of the increases in fuel prices are being processed, said yesterday the Minister of Energy, Trade and Industry, Natasa Pileidou. He added that due to the reduced fuel tax we see that we are one of the lowest cost countries in the cheapest five in recent months. “But surely we have all seen the noticeable difference compared to what we paid before. “Therefore, for all the products that have been affected, whether they concern electricity, fuel, essential products, a preparation is being made and discussions will be held in a meeting with the President of the Republic to see what additional measures can be taken,” she said. Mr. Pileidou.
He pointed out that “surely with our new bill for the RES-EXE Fund, a reduction of the consumption fee in electricity is promoted, in the EAC tariffs, where it will be hopefully reduced, we hope with the vote of the law from 0.5 cents per kilowatt hour to 0.1 cents per kilowatt hour the specific fee “. And we will see what other measures can be included in our toolbox, given that unfortunately the war continues, he added.
