Filenews 3 June 2022 - byAngelos Nikolaou
The fears of recent months that the price of motor fuels will exceed €2 per litre are now a reality. As of today, new fuel price rises are coming, with the price soaring close to €2 at the most expensive petrol stations. Specifically, the price of 95 petrol goes up 9 cents a litre, while the price of gasoline 98, by 8 cents a litre. At the same time, the price of diesel rises 6 cents a litre, heating oil 15 cents and agricultural oil 10 cents a litre.
Based on these data, the average price of 95-octane petrol will be €1.81 per litre, petrol 98 €1.86, diesel €1.87 and heating oil €1.43 per litre. As a consequence of the new prices and the fact that the continuous increases in fuel prices have led to markedly large differences between petrol stations, in the more expensive of them we will see the price of fuel approaching €2 per litre. Yesterday the price of gasoline 95 ranged from €1.656 to €1.839 per litre, the price of gasoline 98 from €1.706 to €1.909, the price of diesel from €1.747 to €1.929 and heating oil from €1.219 to €1.490 per litre.
The clear speculation in the market, which the Government cannot document, as it says, comes at a time when the price of oil internationally is at 117 dollars per barrel, with the prices of final products being much more expensive in Cyprus than when the price of oil internationally was at 139 dollars per barrel. The price of fuel after the crisis in Ukraine is constantly rising, considering that the price of oil internationally was available at $64 a barrel.
In the face of the continuous increases, the only move made by the Government for fuel prices is to reduce the excise duty on motor fuels by 8.4 cents per litre and by 5.2 cents per litre on heating oil. Now, the reduction of VAT on fuel would give more breathing space to drivers, something that the Government is not discussing at the moment.
