Fuel prices in Cyprus expected to drop by late August

Fuel prices in Cyprus are projected to decrease by the end of August, provided that international oil prices stabilize at lower levels. Christodoulos Christodoulou, Vice President and spokesperson for the Petrol Station Owners Association, confirmed that while global oil prices are trending downward, current retail prices reflect previous cargo purchases made when oil costs were between 95 and 97 dollars per barrel.

Since July 17, consumers in Cyprus have faced significant price hikes, with gasoline increasing by 12 cents per liter, diesel by 19 cents, and heating oil by 10 cents. Currently, average prices stand at approximately 1.60 euros for 95-octane unleaded gasoline, 1.79 euros for diesel, and 1.49 euros for heating oil. These rising costs have led many motorists to avoid filling their tanks completely, opting instead to limit their spending per visit.

Market analysts note that the final relief for consumers remains subject to global market fluctuations and exchange rate developments. The industry anticipates that a correction in domestic pump prices will occur once new, lower-priced oil shipments reach the country.