Filenews 12 August 2022 - by Angelos Nicolaou
Fuel prices have recently fallen significantly in Cyprus as well, as a result of the fall in international oil prices that fell below $ 100 per barrel. The prices recorded internationally are the lowest since the start of the war in Ukraine, and the de-escalation observed in Cyprus is estimated to continue in the coming days of August.
Of course, this since there are no reversals in international prices and they continue to move below 100 dollars. All fuel prices are falling. Yesterday the average price of unleaded 95 octane was at €1,655 (€1,575 to €1,881), diesel €1,880 (€1,818 to €1,998) and heating oil €1,443 (€1,393 to €1,570). Compared to the beginning of the month, there is a decrease of 9.2 cents per litre in gasoline, 1.7 cents in diesel fuel and 4.4 cents in heating oil. Compared to the prices that were in force on July 12, when the highest for all types of fuel in Cyprus were recorded, the decrease in the price of gasoline is 17.1 cents per litre, 10.9 cents in diesel fuel and 7.4 cents per litre for heating oil.
This trend is expected to continue until the end of the month once companies have ordered cargoes at current prices that are lower.
However, in relation to the prices that were in force on New Year's Day 2022, fuel is increasing. Gasoline is up 34 cents a litre, diesel is up 46.2 cents a litre and heating oil is up 50.8 cents a litre.
According to the Ministry of Energy, Cyprus does not import crude oil but ready-made refined products such as gasoline, diesel and heating oil. For the pricing of finished refined products imported into Cyprus, the daily indicator Platts Basis Italy is used for each type of fuel. It also notes that the retail prices of petroleum products in Cyprus are influenced by a significant number of factors, such as the import price of the products, the stocks held by the oil companies at the time of import of fuel, the exchange rate of the dollar against the euro and the taxes imposed by the state.
