No stopping soaring petrol prices
Consumer organisations have raised concerns over the hike in prices at the petrol pumps as another increase hits the already worn-out pockets of motorists.
Petrol is sold up to seven cents more per litre than a couple of weeks earlier.
An additional four cents were added to the price of 95 Octane petrol, pushing the average price across the island to EUR 1.561 per litre, while diesel has gone up seven cents to reach an average of EUR 1.793.
On Friday, according to the Finance Ministry’s Fuel Price Observatory, 95
Octane petrol is selling from EUR 1.505 to EUR 1.690 per litre, while diesel is sold from EUR 1.711 to EUR 1.865.
Heating oil is selling at EUR 1.212 to EUR 1.370 with an average price of EUR 1.268 with a difference of 15.8c per litre.
In comments to the Cyprus News Agency, the president of the Cyprus Consumers’ Association, Marios Drousiotis, expressed his concern as prices are on the rise while the international price of crude oil has remained stable.
As Drousiotis noted, consumers have paid an additional EUR 42.2 mln for fuel since January.
As he noted, the average price of 95 octane petrol in January was EUR 1.229 compared to today’s EUR 1.581, an increase of 35.2c per litre and diesel from EUR 1.419 in January reached EUR 1.793 per litre in May, an increase of 37.4c per litre. With state revenues from taxes on fuel for May and June increasing by EUR 31.4 mln, Drousiotis argued that there is room for authorities to continue subsidising consumers.
He expects increases in state revenues used to benefit motorists, with the government prolonging the reduction of a consumption tax on fuels, introduced in March, for another three months.
Energy Minister Natasa Pilides said the government would review the situation at a cabinet meeting next week and is ready to step in if deemed necessary.
“The expansion of measures taken to relieve consumers under pressure from rising fuel prices is under review.
“Consultations will be held, and a meeting with the President has been scheduled to decide what additional measures will be taken.”