Uncertainty surrounding fuel price trends in Cyprus due to regional tensions

Constantinos Karagiorgis, Director of the Consumer Protection Service at the Ministry of Energy, Commerce and Industry of Cyprus, stated that future fuel price trends remain unpredictable due to the ongoing conflict involving Iran. Despite a recent significant downward trend in fuel prices in Cyprus attributed to a period of relative calm, current prices have not yet returned to pre-conflict levels. Karagiorgis noted that potential instability, particularly near the Strait of Hormuz, makes accurate long-term forecasting impossible. Savvas Prokopiou, President of the Pancyprian Association of Gas Station Owners, stated that while further price reductions were expected, the current geopolitical situation suggests that future price increases are likely. Both officials emphasized that the market remains volatile and contingent upon regional security developments. The situation regarding oil supply and pricing continues to be monitored closely by the authorities to evaluate potential impacts on local consumers.