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Next Previous Reject fuel filing charges HOME • INSIDER • CYPRUS • Reject fuel filing charges
Petroleum companies on Tuesday dismissed allegations that they were making a profit in setting fuel prices, with some claiming that due to competition in recent months they are recording losses because they can not to immediately transfer the increased prices of the fuel loads they receive.
The Parliamentary Committee on Trade discussed the issue of rising fuel prices and the effects on the economy and the Cypriot citizen and the way of monitoring prices on Tuesday afternoon, with the Chairman of the Committee Kyriakos Hatzigiannis noting that companies are invited to prove that they are not making a profit.
“A lot has been said, complaints have been made that in relation to the oligopolistic fuel trade, there are windows that allow the creation of incorrect profit, in other words, scandal. “Companies today must prove to themselves that they are not doing what they are accused of,” he said.
competition “. He stated that there are four players in the market and two traders in the wholesale market.
The Director of the Consumer Protection Service of the Ministry of Commerce, Konstantinos Karagiorgis reiterated that the data held by the service does not justify a ceiling in retail price of fuel.
As he mentioned, with the new system there is more accuracy in monitoring prices. The service, he said, monitors three products, diesel, 95-octane gasoline and heating oil. scandal “.
AKEL MP Costas Costas was more intense, citing data according to which international oil prices have fallen in the last 3 months.
“Within three months, the companies did not bring any new cargo?” He asked and added: “Some people are stealing from the world and the Consumer Service must do its job.” the Service deems that the tools available to the Ministry are sufficient.
On behalf of DIPA, Michalis Giakoumi said that the citizen lives the issue of accuracy every day in his own skin. “The political leaders should be present and we want answers. “We got some answers that are vague,” he said. p>
On behalf of ELAM, Geadis Geadis stated in a statement that an effort was made by all that everything is going well on the issue of fuel “but based on a wrong methodology that at the end of the day the people are called to pay”.
< p> A representative of the Audit Office reiterated the need to disconnect the gas stations from the wholesale companies.
“Competition works, we accept losses due to high fuel prices”
Responding, the representatives of the companies said that the competition operates in Cyprus and added that in recent months they have been suffering losses because due to the competition they cannot directly transfer to the prices the increases of the cargo they receive. The fuel received, they said, is refined, which is more expensive than crude oil and is based on the prices of Plats, which acts as a stock exchange.
Petrolina CEO Dinos Lefkaritis said that oil companies are presented as “the evil demon” of the consumer. “We are not. We are a public company, I challenge you to see our books “.
He said that his company in 2021 had a turnover of € 306 million, while its profits were € 7.5 million, which corresponds to 2.5% of its turnover.
“Today we have (price) 1.82, because we brought expensive cargo, I can not lower the price because I will have losses and none of our gas stations will buy” , he said.
Mr. Lefkaritis said that companies are importing refined fuels (Platts), with his company importing from Israel and added that transport fares have increased, increasing costs for companies.
“We understand that We accept fire, if you think we are wrong, try to check us “, he added. war with non-existent accusations that may reach the point of slander “
He said that his company is delaying the adjustment of prices for pumps, adding that our company brings a ship every ten days. “We are lagging behind in everything whether the price goes up or down.” said.
On behalf of ExxonMobil (managing Esso stations), Antonis Mouzouros said that the way of costing differs from company to company. “We do not manage to transfer the price increases, these months are loss-making. “Every year we look to see which is the cheapest refinery in the area to buy,” he said. This is misinformation that exists in the market “, he concluded.
On behalf of Shell, Costas Tsigaras stated that the margin of the companies has not changed, it remains & nbsp; the same without taking into account that the companies are dealing with increased costs, “which we have absorbed and are doing the job us with increased monetary costs. The competition operates in Cyprus “.
He also said that there are 315 service stations in Cyprus, of which 28.5% or 90 are corporate.
George Petrou, CEO of Staroil, said that no direct price adjustments are made depending on the fluctuation of international prices, because an average of five days is calculated and not of each cargo.
He rejected the accusations that the oil companies are thieves. Referring to the profitability of his company, he said that his company “we have never had such losses, because we could not apply the increases immediately and that is why we have suffered losses.
However, a representative of the gas stations disputed that only a quarter of the gas stations are controlled by companies, saying that many gas station operators operate gas stations that belong to oil companies. He noted that their margin in the wholesale price is 5 cents.
Moreover, Loukas Aristodimou, President of the Pancyprian Consumers and Quality of Life Association, criticized the Consumer Protection Service for operating “as a spokesperson for companies”. He asked the Parliament to make legislative improvements, to make the Consumer Protection Service independent and to improve the legislation that governs the Committee for Protection of Competition.
On behalf of the CCCI, Andreas Andreou, Director of Industrial Development, said that notoriety is a very serious accusation and must be documented. “I would expect more explanations from the Consumer Protection Service,” he said. He referred to fluctuations in fuel prices at service stations, which means, as he said, that the competition works to some extent.
A representative of OEB said that the competent authority is doing its job well and that the mechanisms are in place to check whether the companies are notoriously profitable and to see if the state mechanisms work and noted that the companies should not be blamed because the fuel prices are high internationally.
However the Commission requested information from the companies for the previous six months. “We can not be complacent. We asked for information and we will come back to rule out any possibility or even a gap in the mechanisms of supervision and control of the fuel market “, concluded Mr. Hatzigiannis.