Fuel prices are rising every week, signalling that with the end of the reduction in fuel consumption tax until March 31, prices will become even higher, always taking into account the international price of oil, which will fully justify such a move.
At the end of the previous week in the commodities market, oil rose by 3.1% to $80.71 per barrel.
The reduction in consumption tax, which is valid until the end of the month, amounts to €8.33 per liter, including VAT for gasoline, from €0.429/liter to €0.359/liter, and for diesel and kerosene from €0.40/liter to €0.33/liter, with a total fiscal cost of about €5 million.
It is noted that the measure was initially implemented in March 2023 and gradually extended until March 2024 as a relief measure for thousands of citizens against energy costs.
Finance Minister Makis Keravnos, last week after the approval given by the Parliament for the reduced consumption tax until the end of March, indirectly announced that the era when the state subsidized fuel prices is ending.
He pointed out that the EU’s policy is clear regarding social measures, explaining that they involve targeted rather than blanket measures and stated that Cyprus is among the three EU countries with the lowest prices, both in gasoline and diesel.
According to data processing from Phileleftheros based on the weekly EUR Bulletin oil report with reference prices as of February 26, 2024, the average price of unleaded gasoline 95 octane was €1,376.05 from an average of €1,365.69 a week earlier (February 19), marking an increase of 0.80%. If the comparison is made from the beginning of the year (reference date January 1), the price of unleaded gasoline was €1,343.07, recording an increase of 2.45%.
The average price of diesel with reference date February 26 was €1,507.12 from €1,493.66 a week earlier, marking a marginal increase of 0.93%. At the beginning of the year, the average selling price was €1,462.31, recording an increase of 3.07%. The price of heating oil in the last measurement according to the European price bulletin was €1,071.88 from €1,063.28 previously, marking an increase of 0.72%.
Sales prices in Europe
The average price of unleaded gasoline in the EU “19” with reference date February 26 was €1,783.6 from €1,786.53 a week earlier (February 19), remaining almost at the same levels. At the beginning of the year, the average price was €1,721.64, showing an increase of 3.60%.
The average selling price of diesel in the EU “19” is €1,733.9 from €1,743.27, recording a decrease of 0.57%. The average price of heating oil in the EU “19” was €1,152.13 from €1,185.53, showing a decrease of 2.78% in a week.
From the analysis of European bulletin prices, Cyprus is the second cheapest country in the Eurozone in terms of unleaded gasoline 95 octane selling price, and the cheapest country is Malta with an average selling price of €1,340, remaining stable compared to the previous week.
In the European area, the most expensive unleaded gasoline selling prices are recorded in: Denmark €2,006.92, Netherlands €1,980, Greece €1,901, France €1,868.39, Italy €1,858.97, Germany €1,826, Finland €1,768, Portugal €1,727. The lowest selling price of diesel is in Malta €1,210, which remains stable from the previous week, followed by Cyprus with a price of €1,507.12. In the EU “27”, the second cheapest country in terms of diesel selling price is Bulgaria €1,373.91. The most expensive price, based on the European bulletin, is recorded in Belgium €1,840.69, Finland €1,868, Italy €1,826.36, Denmark €1,743.98, Netherlands €1,817, France €1,814.89, Ireland €1,722.6, Germany €1,751, Greece €1,736. The prices of heating oil are also interesting.
According to the latest European bulletin, the prices are: Belgium €0, 948.2, Malta €1,000, Luxembourg €1,011, Cyprus €1,071.88, Croatia €1,090, Estonia €1,244, Germany €1,133.3, Greece €1,338. The most expensive selling price of heating oil is in Denmark €1,932.33 and Italy €1,564.63.
