Nicosia: Retail fuel prices in Cyprus have risen at a rate below the EU-27 average for both 95-octane unleaded petrol and diesel, based on a comparison by the Consumer Protection Service (CPS) using data from the European Commission's EU Oil Bulletin.
According to Cyprus News Agency, the CPS reported that the retail price of 95-octane unleaded petrol in Cyprus increased by 27 cents per litre. This is 2 cents per litre less than the average increase across the EU-27, which was 29 cents per litre. The increase in Cyprus mirrors that in Greece, at 26 cents per litre, and Poland, at 27 cents per litre, but remains lower than the hikes recorded in Belgium and Italy, at 34 cents per litre, and Lithuania, at 32 cents per litre.
For diesel, the retail price in Cyprus rose by 36 cents per litre, compared to 44 cents per litre across the EU-27, making it 8 cents less than the EU average. This increase was also lower than those observed in Belgium (54 cents), Greece (47 cents), Lithuania (41 cents), Luxembourg and Poland (39 cents), and Italy (38 cents).
Regarding the dynamics of fuel prices, the CPS highlighted that retail petroleum prices are influenced by an array of factors, not solely by fluctuations in a specific international benchmark price. These factors include the purchase cost of petroleum products, existing stocks, insurance, transportation and storage costs, distribution expenses, taxation, market competition, and overall market conditions, along with international benchmark prices for petroleum products.
The CPS noted that during periods marked by significant geopolitical developments and volatility in international oil markets, changes in the cost of petroleum products, as well as insurance and cargo transportation expenses, can substantially impact the final prices at the pump. The time lag between the purchase, import, transportation, storage, and eventual sale of a shipment is also a crucial factor when evaluating retail price changes.
In emphasizing the complexities of fuel price assessments, the CPS advised that evaluating fuel price trends necessitates a comprehensive consideration of all relevant factors and cannot rely solely on comparing the current price of crude oil or an international benchmark with the current price at the pump.