Rising fuel prices in Cyprus amid Middle East tensions

Geopolitical instability in the Middle East has caused a significant rise in fuel prices across Cyprus. Marios Drousiotis, President of the Consumers Association, reported that retail prices are currently significantly higher than on March 1, despite international Brent oil prices remaining relatively stable at approximately 88 dollars per barrel. Specifically, retail prices for gasoline are 23 cents, diesel 24 cents, and heating oil 42 cents higher per liter compared to March levels. Further increases are expected, with imminent hikes of 5 cents for diesel and 3 cents for gasoline starting next week. As of recent data, the average price for gasoline is 1.48 euros and diesel is 1.59 euros per liter. Consumer protection authorities, represented by Andreas Christou, are advising the public to use official price monitoring tools to locate more affordable gas stations. While the government continues to apply a reduced consumption tax on fuel, experts warn that the volatility of the situation makes further price hikes highly likely.