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Fuel prices have gone downhill – More reductions are coming

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Fuel prices in Cyprus continue to record their gradual downward course recently, which gives financial respite to consumers, who since the start of the war in Ukraine, last In February, they saw the prices shoot up and even exceed, at one point, two euros per liter for oil.

From the end of the summer onward, prices began to gradually decline, and by the time the new year came, they were down about fifty cents, compared to six months before. Since in Cyprus the population almost entirely uses their own means for work or travel, the drop in the price of fuel is now clearly in the pocket of consumers. 

At the moment, the cheapest gas stations are selling unleaded 95 octane at 1.37, unleaded 98 octane at 1.43 and diesel at 1.57 per litre, however information indicates that in the coming days there will be a further reduction in prices prices.

Speaking to REPORTER, the President of the All-Cyprus Association of Oil Tankers, Savvas Prokopiou, said that there is a decrease in at least three of the four oil companies and he expects the same to happen to the fourth company in the near future. In fact, Mr. Prokopiou emphasized that the most likely scenario is that there will be another reduction in prices in the coming days. However, he clarified beyond that that a stabilization is expected.

“We cannot predict how much this reduction will be, since at the moment the price of Brent oil is around 80 dollars a barrel , however I estimate that there will be a reduction of two to five cents”, noted Mr. Prokopiou.

He also pointed out that today's prices are close to what they were at the end of last February, shortly after the start of the war in Ukraine. During the same period last year, 95 octane unleaded was at 1.33, 98 octane unleaded at 1.40 and diesel at 1.41. As can be seen from their numbers, the difference in gasoline in January 2022 compared to January 2023 is only four cents, while in contrast, the difference in oil is 16 cents.

According to Mr. Prokopiou, “in the past the difference between the price of gasoline and the price of oil was about five cents, while today it is 25 cents, due to some conditions that did not exist before”.

At the same time, there is a big difference in heating oil, which is particularly important in the winter season, due to the cold. In January 2022, the price of heating oil was 0.94 cents, while this year it is 23 cents more expensive on average and consumers can get it for 1.17 cents a litre. 

< p>Cyprus fifth cheapest in Europe

In terms of fuel prices in Cyprus compared to the rest of Europe, our country ranks fifth with the cheapest prices in compared to the rest of the 27 member states. 

The cheapest petrol is in Slovenia, where a liter costs 1.24 cents, followed by Bulgaria and Romania with 1.29 euros. In fourth place is Malta with 1.34 euros per liter.

The same applies to oil prices, where Cyprus ranks sixth with the cheapest prices, behind Malta (1.21 ), Slovenia (1.47), Bulgaria (1.52), Romania (1.53) and the Czech Republic (1.56). The most expensive EU country for gasoline it is Greece, since unleaded 95 octane is priced at 1.85, while for diesel it is Sweden with 2.17 euros per liter.

It is noted that the average price in the EU it is for petrol at 1.63, for diesel at 1.72 and for heating oil at 1.27.

Source: www.reporter.com.cy

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