Call for fuel companies to keep fuel prices as low as possible
Consumers should brace for fuel price fluctuations, with the overall trend going up, the head of the petrol stations association said on Tuesday.
As long as the war in the Middle East goes on, no one can predict where the price of fuel will reach, said Savvas Prokopiou.
“At this stage, the upward trend continues,” he told the Cyprus News Agency.
“Prices on the world market constantly change after one announcement or another. We can’t draw conclusions. For the moment, we expect a slight upward trajectory.”
Asked about the ‘formula’ linking global oil benchmarks to the price at the pump, Prokopiou said petrol station owners do not have it.
But by way of example, he cited 2022 when crude oil jumped to $120 a barrel, with diesel in Cyprus going for €2 a litre, and Unleaded-95 petrol for €1.8 a litre.
“We anticipate a more stable situation if the price per barrel stays under $100.”
Prokopiou said the Consumer Protection Service (under the ministry of energy and commerce) is keeping track of the data.
He called for “pressure on fuel companies” to keep prices as low as possible.
Prokopiou also urged the government to heed the “universal” demands for slashing fuel tax.
“With the state’s intervention, we hope things get better.”
On Tuesday, the average retail price of Unleaded-95 petrol was €1.498 a litre, the lowest price €1.428, and the highest €1.576.
For diesel, the average reported was €1.726, the lowest €1.595, and the highest €1.819.
Brent crude oil was trading at around $103 a barrel.
Prices surged after the US-Israel conflict with Iran that began on February 28. Over the past three weeks, Brent jumped from roughly $65 to now over $100 a barrel.
The surge is driven by fears of an Iranian blockade of the Strait of Hormuz, through which about a fifth of the world’s oil flows.