Fuel prices in Cyprus expected to drop within ten days

Savvas Prokopiou, President of the Cyprus Petrol Station Owners Association, announced that fuel prices in Cyprus are expected to decrease over the next 10 days. This forecast follows a recent international decline in oil prices, which saw a drop of approximately $10 to $15 per barrel. Prokopiou noted that while global price movements usually impact the domestic market with a 10 to 15-day delay, a downward trend is anticipated despite recent minor fluctuations. Some reports suggest price reductions of 2 to 3 cents per liter. However, local market representatives have cautioned that volatility remains high due to unpredictable geopolitical factors in the Middle East. While some sources link the price shifts to US-Iran relations, the association emphasizes that the situation is currently unstable. Current average prices have been reported at approximately 1.60 euros per liter for gasoline and up to 1.79 euros per liter for diesel.