Uncertainty surrounds fuel price trends in Cyprus

Between June 2 and July 9, Cyprus experienced a notable decline in fuel prices, with unleaded 95 petrol dropping by 14.4 cents per litre and diesel by 34.9 cents per litre. On July 9, the average price for unleaded 95 was €1.467 per litre, while diesel averaged €1.570 per litre. Constantinos Karayiorkis, Director of the Consumer Protection Service, stated that while prices have decreased, they have not yet returned to pre-conflict levels. Karayiorkis emphasized that the situation remains highly unpredictable due to tensions in the Middle East and the potential for conflict near the Strait of Hormuz. Savvas Prokopiou, President of the Pancyprian Association of Petrol Station Owners, noted that while further minor decreases were expected, regional instability will likely lead to future price hikes. Officials advise against unnecessary public alarm regarding potential increases. The volatility of the regional conflict makes reliable long-term forecasts impossible at this time.