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Wednesday, April 17, 2024

Fuel prices have risen again, with further increases likely in the coming weeks

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Fuel prices rose on Monday morning, which, as everything shows, will continue their upward trend in the coming days, interrupting a period of about two months, where they were maintained at stable heights, easing the pockets of consumers for a while.< /b>

READ HERE:Fuel prices stabilized, electricity bills down slightly

Houthi attacks on ships in Yemen's Gulf of Aden may not have been enough to push up fuel prices in the past, but the rise of China's economy, which was predicted to hit a recession in 2024, has fueled for the prices to rise, even if to a small extent for the time being.

As can be seen, as of Monday morning, some gas stations raised their prices for diesel, gasoline and heating oil, while the same is expected to happen in the coming days with the rest of the gas stations, as estimated by the president of the Consumers' Association, Marios Drousiotis.

Specifically, the increase expected in all fuels will be in the order of two to three cents per liter, however it is unknown how high the ceiling of the increases will be, something which is expected to clear up in the coming weeks. As he reported to REPORTER, Mr. Drousiotis, had predicted that there would be increases of around 1.5 to 2 cents per liter and these are expected to continue in the next period.

“The reason that the prices increased, it is because the international price of oil went up”, noted Mr. Drousiotis, who explained at the same time that, “the increase is due to the fact that the economy of China, which is the largest fuel consumer in the world, will not be in recession as predicted”.

Nevertheless, he emphasized that fuel prices are “one of the biggest cartels in the world and even a piece of information that something will happen can change the prices. Fuel price hikes are like the stock market that goes up and down depending on the information that is available or the events that happen and affect the global economy.”

READ HERE:The Government evaluates the existing support measures and makes announcements at the end of February

What does the data show Consumer Association

At the same time, there is concern about the possibility of further increases, since on March 3rd the period during which tax relief was given by the Government to fuel ends and discussions have already begun as to whether it will be given extend it or not, which is expected to be decided this week.

However, according to the data held by the Consumers Association, today's prices, compared to the prices that were valid on November 2, one day before the Government subsidy, are 19 cents lower in unleaded 95 octane and 23 cents lower in diesel . As for heating oil, it is cheaper by 18 cents per liter.

“From the above data it appears that in recent months there has been a noticeable decrease in the retail prices of fuel. But let us not miss that compared to retail prices before the subsidy was removed on June 30, 2023, diesel is 8 cents more expensive and heating oil 9 cents more expensive.”

Mr. Drousiotis once again called on the agency responsible for monitoring fuel prices, transparently, to justify why fuel prices before taxes, during the period October-December 2023, presented such a large deviation from the average European Union price terms. “The statement of the Competent Service that it closely monitors the prices and they are at reasonable levels, does not satisfy us”, pointed out Mr. Drousiotis.

At the moment, the lowest price for 95 octane gasoline that the citizen can find at some gas stations is 1.29 and the most expensive 1.43, with the average price being 1.36. As far as unleaded 98 octane is concerned, the cheapest is at 1.33 and the most expensive at 1.59, with the average price varying at 1.42. As you can see the difference in this case is huge and reaches 26 cents from the cheapest to the most expensive, however this is because some gas stations have raised their prices and some others will raise them in the coming days when they buy fuel.

As for diesel, the cheapest gas stations have it at 1.41 and the most expensive at 1.58, with the average price at 1.49, while cheapest heating oil on the market is 99 cents and the most expensive 1.26 with the average price being 1.06 cents a litre.

Source: reporter.com.cy

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