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The drop in crude oil prices is attributed to OPEC+ announcing a gradual plan to ease some of their oil production cuts.
The average price of fuel in Cyprus has increased by 4.5 cents per litre for petrol, 1.3 cents per litre for diesel, and 0.4 cents per litre for heating oil following the termination of the government’s reduced tax measure. Gasoline prices had already increased by 8.3 cents per litre before the tax measure was lifted.
Fuel prices are expected to rise due to escalating uncertainty in the Middle East, with experts predicting a possible increase of €1.70 to €1.80 per litre. Prices have already seen an increase of 20 to 50 cents compared to last week, with a risk of exceeding the €2 threshold.
Fact: The annual inflation rate in the northern part of Cyprus hit 94.5 per cent in March, with monthly food inflation reaching 3.4 per cent.
Fuel prices are expected to increase further, with an importing company already announcing a rise of one and a half cents per litre for petrol and diesel. The President of the Cyprus Consumer Association expressed concerns about potential unjustified increases in basic goods, as current supermarket prices were set when fuel prices were higher. He also warned against profiteering by some businesses. Prices for Easter table products, such as lamb, may see a small increase, but the catering sector is not expected to raise prices, with some restaurants even reducing the quantity or variety of dishes to cut costs due to decreased dining out.
The price of Brent crude oil for May deliveries has surpassed per barrel, with negotiations currently at .1. This marks the highest prices since January 1, 2024, and also a seven-month record. Retail fuel prices in Cyprus are expected to increase further due to the rise in international oil prices.
In March 2024, inflation in Cyprus decelerated significantly, with a year-on-year increase of 1.2 per cent, the lowest rate in nearly three years. This was primarily due to a reduction in electricity and petroleum prices.
Increases in the average price of 95 octane petrol were observed in Limassol, Nicosia, and Famagusta after the subsidy of 8.3 cents per liter was abolished on April 1st. The largest increase was in Limassol at 9.2 cents, while in Paphos, the increase was only 8 cents. Nicosia had the highest price variation for 95 octane petrol on April 1st.
Petrol prices in Cyprus have risen on average 8.3 cents per litre after a government measure to subsidize fuel tax was lifted on April 1.