Nicosia: As of today, Saturday, the measure to reduce the fuel excise duty by 8.3 cents per liter has come into effect, aiming to mitigate the economic impact of the war in the Middle East on consumers. However, according to statements made to CNA by the Director of the Consumer Protection Service, Constantinos Karagiorgis, the actual reductions were smaller, as fuel prices supplied to gas stations are simultaneously increasing.
According to Cyprus News Agency, the observed reduction in the average price of 95-octane gasoline was 7.7 cents, and 6.5 cents for diesel, thus reducing the overall impact of the measure, which corresponded to a decrease of 8.3 cents. "Prices have decreased, but due to continuous increases, average prices have dropped to a lesser extent," Karagiorgis said.
Today, following the implementation of the reductions, according to data published on the Retail Fuel Price Observatory, the average price of 95-octane gasoline stands at pound 1.514 per liter, with the lowest at pound 1.444 and the highest at pound 1.599. The average price of diesel is pound 1.843, with the lowest at pound 1.747 and the highest at pound 1.898.
However, as Karagiorgis explained, Cyprus continues to remain among the cheapest countries in the EU in terms of fuel prices. According to the latest Weekly Oil Bulletin published on the European Commission's website, dated April 2, before the implementation of the excise duty reduction, Cyprus ranked 6th cheapest in Europe for 95-octane gasoline and 7th for diesel.
The Consumer Protection Service conducted a comparison of the increase in average fuel prices in Cyprus and the EU during February and March, before and after the start of the war. As Karagiorgis explained to CNA, the increase in 95-octane gasoline in Cyprus was 11.9 cents, while the EU average increase was 17.7 cents and in Greece 19.2 cents. Similarly, average diesel prices in Cyprus increased by 20.7 cents, compared to an average increase of 32.2 cents in the EU and 34.9 cents in Greece.
"We want to make it clear that, in case unjustified increases or market distortions are identified, the Service and the Ministry will immediately proceed with the necessary measures," he said, while urging consumers to be particularly observant regarding the gas stations they choose, so they can benefit from lower prices, as variations between stations are significant.