The upward trend in fuel prices in Cyprus began on the day the Government decided to reintroduce the consumption tax rate from 1st April.
For example, within a 17-day period, the price of petrol increased by 15 cents per litre, diesel by 10 cents, while the price of heating oil remained unaffected.
These increases have been determined in recent days by shipments that were ordered and arrived on the island before the Israel-Iran conflict.
This week, the price of petrol increased on average by 4.4 cents per litre, diesel by 1.3 cents, and heating oil by 0.4 cents.
It should be noted that from 1st April, the reduced consumption tax was terminated, resulting in an increase of 8.3 cents per litre for petrol and 6.3 cents for heating oil. It is emphasised that the trends are upward for all fuels, which consumers largely notice as they see prices rise and their vehicle tanks needing refilling sooner.
Following Iran’s attack on Israel and the potential for a widespread conflict, oil prices internationally have stabilised in recent days at $90 per barrel. However, it is estimated that if the conflict escalates and prices rise further globally, the impact on Cyprus will be significant.
