Retail fuel prices in Cyprus continue to decline

Retail fuel prices in Cyprus have decreased over the past month, with diesel falling by an average of 13.5 cents and unleaded 95 petrol by 2.4 cents. Constantinos Karagiorgis, director of the Consumer Protection Service at the Ministry of Energy, Commerce and Industry, confirmed that further price reductions are expected in the coming days. This trend is attributed to a significant decline in international refinery benchmark prices, known as platts prices, which are now reflecting in fuel shipments arriving in Cyprus. Savvas Prokopiou, president of the Pan-Cyprian Petrol Station Owners Association, corroborated the downward trend for diesel. Despite these reductions, officials warned that market uncertainty persists due to potential threats regarding the closure of the Strait of Hormuz. Consumers are advised to compare prices between stations, as significant variations exist, with gaps reaching 17 cents for unleaded 95 and 23 cents for diesel. Authorities stated that current prices reflect only the present situation and cannot predict future market stability.