Fuel prices see slight decline while new transparency laws are proposed in Cyprus

Fuel prices in Cyprus have experienced a slight decline over the past two weeks, according to Constantinos Karagiorgis, Director of the Consumer Protection Service. The average price for 95-octane unleaded gasoline has dropped by approximately 4.1 cents to €1.719 per liter, while diesel prices saw a smaller decrease of 1.7 cents, remaining at an average of €2.002 per liter. Authorities attribute this trend to global refinery price adjustments and are continuing to monitor the implementation of excise tax reductions, which 94% of heating oil stations have successfully applied.

Simultaneously, Nikos Georgiou, a DISY member and head of the Parliamentary Energy Committee, has submitted a legislative proposal to reform fuel receipt transparency. The bill aims to mandate the itemization of all costs on retail receipts, including net product value, excise duties, VAT, and other fees. The Pancyprian Association of Gas Station Owners, represented by Savvas Prokopiou, welcomed the initiative but warned that receipts must also clearly state the profit margins of retailers and companies to prevent public misconceptions regarding who earns what. The proposal is currently under consideration as stakeholders debate the implementation details to ensure industry compliance and clarity for consumers.