Philenews 19 March 2020 - article by Angel Nicholas
The decline in international oil prices has begun to shift to pumps in service stations in Cyprus, following the introduction of cheaper cargoes by oil companies.
The reductions are noticeable, reaching 10.1 cents in gasoline and 6.6 cents in diesel, while a 4.2 cents decrease is also seen in heating oil and is now expected to continue downward in Cyprus as international fuels continue to decline. and from € 1 per liter. Now, the market price of 95 octane gasoline is being sold at the cheapest petrol stations for € 1,061 per liter with the average price being € 1.16 and the most expensive being € 1,23. More and more gas stations are expected to drop their prices in the coming days, as demand for coronavirus measures has dropped and demand has fallen from 25% to 50%.
As for diesel, the price has fallen to € 1.37 per liter with the average price reaching € 1.19 per liter and the most expensive gas station selling at € 1,276 per liter. The price of heating oil is also lower, with the cheapest price currently being € 0.727 per liter, the average reaching € 0.776 and the most expensive being € 0.899 per liter. That is, there is a very significant difference from the cheapest to the most expensive at € 0.172 cents, which means that the one who chooses the cheapest at 500 liters will win € 86.
Internationally, prices are falling all the time, as the coronavirus crisis leads to restrictions on world traffic to prevent its spread, with the European Union's recent decision to close its external borders. Both American crude and brent are now under $ 25 a barrel. These are the lowest prices in the last 18 years. Iraq has already called for an urgent meeting of members of the Organization of Petroleum Exporting Countries (OPEC) and other major producers as the market faces significant uncertainties. This is because forecasts indicate that the price will fall further and reach $ 20 a barrel, levels that oil has not seen since the beginning of 2002.
