NewsLocalEnergy Ministry develops new methods of monitoring fluctuations in fuel prices

Energy Ministry develops new methods of monitoring fluctuations in fuel prices

The Energy Ministry is developing new methods of monitoring fluctuations in prices of transport fuel so as to be in line with the rest of EU countries, according to Philenews.

Many times Cyprus has come under criticism over its monitoring methods, especially during times when prices are on the rise.

That’s why the Ministry’s Consumers Protection Service (CPC) has commissioned the ‘Positive’ consortium with a relevant study and at the same time opened a public consultation on this crucial issue.

Insiders said the island’s modernization of the monitoring framework is necessary due to changes that have taken place in the market recently.

These include the relocation of the facilities of oil companies from Larnaca to Vasiliko and the addition of biofuel to the fuels. As well as changes in the way fuel companies manage their cargos.

One also said that the company that undertook the study will take into account the ongoing public consultation.

And that it will then proceed with the setting up of a new computer system aiming to come under implementation by January 2022.

The ultimate goal is not the abolition of the “weapon” of imposing a price ceiling when they are unreasonably high, but , on the contrary, improving the framework providing this power to respective energy ministers.

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