Fuel prices in Cyprus decline amid global oil market stabilization

Retail fuel prices in Cyprus have decreased over the past 15 days following a global drop in crude oil prices, which have stabilized around $80 per barrel. Data from the Consumer Protection Service indicate average prices for 95-octane petrol at approximately €1.549 to €1.564, and diesel at approximately €1.697 to €1.712 per liter. Savvas Prokopiou, President of the Petrol Station Owners Association, confirmed the downward trend and anticipates further reductions in the coming ten days. There is currently a significant price disparity of up to 20 cents between different stations, which the Association has formally reported as a concern for fair competition. While international oil benchmarks have fallen by roughly 25% over the past month due to improved geopolitical stability in the Middle East, local retail prices remain influenced by the current fuel tax reduction of 8.33 cents, which is set to expire at the end of June. Discrepancies exist in reported price ranges, with petrol ranging from €1.469 to €1.658 and diesel from €1.585 to €1.887 depending on the location. Authorities emphasize that while prices are falling, they have not yet returned to pre-conflict levels.