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Fuel prices in Cyprus below the EU average

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Fuel prices in Cyprus below the EU average


The European Council meeting next December will discuss and possibly take decisions on energy prices, as emerged from yesterday's extraordinary meeting of the European Union Energy Ministers in Luxembourg.

Energy ministers agreed to take stock of energy price developments in December. The Energy Council will prepare the ground for the December European Council, where EU leaders will return to the issue of energy prices.

In her speech, the Minister of Energy, Natasa Peleidou, expressed concern about the unexpected rise in energy prices, which inevitably caused doubts and in some cases, strong reactions from both citizens and governments, to the current EU policies and for green transition. Ms Pileidou said that this situation should be an important lesson for all and that regardless of the policies decided at EU level, vulnerable consumers and small businesses should be adequately protected from price increases, regardless of the reasons. that cause them. Ms. Pileidou presented the measures taken by Cyprus such as the reduction of network charges, which will lead to a reduction of the price of electricity by 10% from November 2021 to February 2022, the provision of financial assistance to vulnerable consumers to replace old electrical appliances (such as refrigerators, air conditioners, washing machines), the installation of photovoltaic systems and the energy upgrade of their buildings. In addition, the Minister of Energy referred to the adoption of virtual net-metering for household consumers and farmers, as well as the large information campaign to be carried out on energy savings and energy efficiency of buildings and their benefits in energy costs.

The Cypriot consumer is very interested in the weekly data published by the European Commission regarding the average retail prices of oil bulletins, which are valid in the 27 Member States of the European Union. The data are published every Thursday and refer to the prices that were valid every Monday of the same week. The data published on October 21, 2021 related to the selling prices after taxes, on Monday, October 18, 2021. In Cyprus, the average selling price of 95 octane unleaded gasoline was € 1,333 per liter, well below its average. EU and Eurozone, in which gasoline is sold for € 1,632 and € 1,689 respectively. Diesel oil in the Cypriot market was sold at service stations at an average of € 1,397 per liter, while in the 27 EU Member States it reached € 1.50 and in the 19 Eurozone countries it exceeded € 1.51.

The average selling price of heating oil in the Cypriot market, on October 18, 2021, amounted to € 0.916, while the average in the EU and the Eurozone amounted to € 0.952 and € 0.940 respectively.

The Government is monitoring the developments and according to competent sources all the necessary measures are being taken so that cases of defamation or exploitation of consumers are not observed. The economy is dependent on oil and fluctuations in black gold prices affect the market. An important role in shaping the price of motor fuel in Cyprus is played by the taxation imposed on fuel, which is about half of the retail selling price.

Unprecedented energy price hikes are affecting the world and all countries of the world are studying ways to deal with the situation. The increase in energy prices was also discussed at the European Union Summit on 21 and 22 October.

Saudi Aramco announced yesterday that the world's oil production capacity is rapidly declining and called on companies to invest more in the production of “black gold”.

There is “enormous concern ,” Aramco chief executive Amin Nasser said in an interview in Riyadh, the capital of Saudi Arabia, adding that “excess capacity is shrinking.”

Nasser voiced fears as crude prices have jumped 70% this year to about $ 85 a barrel.

High-consumption countries, including the United States, Japan and India, have already asked producers to pump more oil.

The supply shortage in the oil markets could worsen in 2022 if the coronavirus pandemic subsides and more people start moving by air again.

“If there is a recovery in aviation next year, this surplus capacity will be depleted,” he said. “Now we are close to a situation where there is limited supply, the surplus is falling rapidly.”

International oil prices are at their highest levels in seven years, with US crude rising 70 percent this year to more than $ 80 a barrel. High prices are part of the global energy crisis, which affects all types of fuels, including gas and coal.

Source: www.philenews.com

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