News Local Consumers Association says pump prices up in May

Consumers Association says pump prices up in May

Consumers are having to dig deeper into their pockets because of an increase in the retail price of petrol, diesel and heating fuel since mid January when prices were at their lowest, the Cyprus Consumers Association said on Monday.

It said that according to the price observatory, 95 octane petrol saw a price increase at the pump of 16.9 cent over the period, diesel rose by 10.6 cent per litre and heating fuel by 10.9 cent.

“May 2019 is characterised by changes in the retail price of 95 octane petrol and of diesel,” it said.

Compared to April, pump prices for 95 octane petrol are up  0.014 cent those of diesel by 0.021 cent and those of heating fuel by 0.012 cent, it said.

The increases in May alone meant consumers paid  €36,945 more for fuel than they did in April — €15,997 more for petrol and €20,948 more for diesel.

Since mid-January and up to the end of May they paid  an additional €209,602  — of which €144,084 for petrol and €65,518 for diesel.

As regards heating fuel prices rose by €12  per 1000 litres in May compared to April. The average price on May 1 was  €845 for a 1000 tons and on May 31 €857.

In May 2019, the average retail price for 95 octane petrol in the EU including taxes was €1.4870 per litre and in Cyprus €1.245. Diesel in the EU cost €1.379 a litre and in Cyprus €1.245. Heating fuel in the EU was €0.843 — the same as in Cyprus €0.847.

Without taxes, the average retail price of 95 octane petrol in the EU was €0.610 a litre and in Cyprus €0.607. Diesel without tax in the EU was €0.640 a litre and in Cyprus €0.655. In the EU heating fuel averaged €0.591 and in Cyprus €0.627.

Consumers paid €67.7 cent a litre in taxes (consumer tax, VAT and KODAP)  per litre of petrol and €65.2 cent a litre for diesel.

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