Nicosia: The Ministry of Energy, Commerce, and Industry has called on fuel companies to act with “utmost responsibility” as recent developments in the Middle East have led to a significant rise in crude oil prices on the international markets. The Ministry has emphasized its vigilant monitoring of the situation, which has affected fuel costs.
According to Cyprus News Agency, the Ministry issued a joint statement with the Consumer Protection Service (CPS), pledging to closely monitor daily wholesale and retail fuel prices in the Cypriot market. The statement highlighted the commitment to scrutinize any price increases, ensuring they align with international refinery rates and recent import costs to Cyprus.
The Ministry and CPS warned of swift action if unjustifiable price hikes are identified. In such cases, the CPS will recommend that the Minister adopt measures in accordance with current legislation. This approach aims to prevent discrepancies between international market conditions and local pricing.
The Minister of Energy, Commerce, and Industry reiterated the importance of accountability, urging fuel companies to refrain from pricing practices that misrepresent the true dynamics of the market. The Ministry’s statement emphasized the significance of transparency and the protection of consumer rights as ongoing priorities.