News Local Significant drop in fuel prices in December

Significant drop in fuel prices in December

December saw a significant drop in the retail price of fuel as a result of lower crude oil prices and a 5 cent cut in consumer tax, according to the price observatory of the Cyprus Consumers Association.

The price of 95 octane petrol was down by 0.129 cent and that of diesel by 0.136 cent a litre meaning savings of €265,69 for consumers last month, of which €144,049 from petrol and €121,120 from diesel.

Heating fuel prices fell by €147 per 1000 litres, with average prices at  €953 per 1000 litres at the start of the month, dropping to €806 at the end of December.

From January to the end of November, heating fuel consumption was down 24.7% compared to the same period the previous year.

Finally, by December 17, the average retail price for 95 octane petrol in the European Union excluding taxes was down by  0.029 cent per litre and in Cyprus by 0.032 cent. Diesel prices in the EU were 0.028 cent lower and in Cyprus 0.027 cent lower. As regards heating fuel, prices were down by 0.025 cent in the EU and by 0.040 cent in Cyprus.

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