Further fuel price reductions expected in Cyprus

Konstantinos Karagiorgis, Director of the Consumer Protection Service at the Ministry of Energy, Commerce and Industry, has announced that further decreases in retail fuel prices are expected in Cyprus in the coming days. Over the past month, the market has already seen an average reduction of 13.5 cents for diesel and 2.4 cents for 95-octane unleaded gasoline. This downward trend is attributed to falling refinery prices, also known as Platts prices, which have impacted fuel shipments arriving in the country. Savvas Prokopiou, President of the Pancyprian Association of Gas Station Owners, confirmed the recent price declines alongside the government official. Despite the current downward movement, officials warn that the global market remains unstable. Ongoing international uncertainty, including renewed threats regarding the potential closure of the Strait of Hormuz, continues to pose risks to price stability. The situation remains fluid as authorities monitor international developments affecting local supply costs.