Fuel price volatility continues in Cyprus amid Middle East tensions

The Cyprus Consumer Protection Service and the Pancyprian Petrol Station Owners Association reported that volatile conditions in the Middle East, specifically hostilities involving Iran, make reliable fuel price forecasting difficult. Since May 10, diesel retail prices have decreased by an average of 9 cents per liter, while 95-octane gasoline prices have increased by an average of 5 cents per liter. Christodoulos Christodoulou, spokesperson for the Petrol Station Owners Association, emphasized that for price reductions to be meaningful to consumers, they must be consistent and reach approximately 7 cents per liter, matching previous price hikes. Constantinos Karageorgis, Director of the Consumer Protection Service, stated that if current Platts market trends persist over the next few weeks, further decreases are expected for both diesel and 95-octane gasoline. However, he cautioned that ongoing international uncertainty renders any definitive long-term price predictions impossible. Global market instability remains the primary driver behind these shifting retail costs.