Nicosia: Most consumers are not filling up their cars, the Vice President and Spokesperson of the Gas Station Owners' Association, Christodoulos Christodoulou, told the Cyprus News Agency on Monday, expressing his assessment that fuel prices are expected to fall by the end of August at the latest, provided that international oil prices stabilize at lower levels.
According to Cyprus News Agency, Christodoulou noted that, since 17 July, petrol has increased by 12 cents per litre, diesel by 19 cents per litre, and heating oil by 10 cents per litre, stressing that these are 'very steep increases'. The current average prices stand at approximately £1.60 per litre for unleaded 95 petrol, £1.79 per litre for diesel, and £1.49 per litre for heating oil.
Christodoulou explained that despite the recent fall in oil prices, the increase in fuel prices is due to previous shipments purchased at higher costs. New shipments reflecting the current lower oil price of $84 per barrel, down from $95-97, are expected to lead to price reductions by the end of the month.
The spokesperson emphasized that the timing of new shipments is determined by individual companies, with new stock typically arriving every 15 days. He expressed hope that the upward trend in prices would not persist.
Christodoulou acknowledged consumer frustration as they observe falling international oil prices while local fuel prices rise. Many consumers are limiting their fuel purchases to £20, £30, or £40 increments rather than filling their tanks. He also noted a slight increase in traffic due to summer excursions, but cautioned that travel remains subdued compared to previous years.
Additionally, he highlighted the issue of consumers opting to fill up in the Turkish occupied areas where fuel is cheaper, describing it as a 'very serious issue'.