Filenews 10 April 2025 - by Angelos Angelodimou
One of the few positive effects that the measures announced by the US president had on consumers' pockets was the big drop in international oil prices. For the first time in years, the price of crude oil fell below $60 a barrel. Yesterday afternoon the price of Brent rose to just over $65, but then a gradual decline in the price resumed.
As a result, retail fuel prices have also decreased.
In fact, the reductions have also reached the Cypriot market, although usually the reflexes of professionals in the sector are not so immediate and the reductions are delayed.
According to data collected by the Consumer Protection Service, from 27/2 until yesterday 9/4 reductions were recorded in retail fuel prices on a nationwide basis. Specifically, the average value of unleaded 95 from €1,434 on 27/2 decreased to €1,388 on 9/4. In other words, there was a reduction of 4.6 cents per litre. A decrease was also recorded in diesel fuel. In particular, from €1,529 which was the average price of the product on 27/2, it decreased to €1,474 on 9/4. In other words, there was a reduction of 5.5 cents per liter. Finally, in heating oil, the average price from €1,062 on 27/2 reached €1,028 on 9/4, recording a decrease of 3.4 cents per liter.
As regards the fluctuations in retail fuel prices on Wednesday, it appears that for unleaded 95, the cheapest average price throughout Cyprus was €1.339 and the most expensive €1.525. For diesel the cheapest average price throughout Cyprus was €1.414 and the most expensive €1.589. Finally, for heating oil, the cheapest price was 0.989 and the most expensive 1.179 cents per liter.
Oil prices have plummeted in recent days in the international market, with investors fearing that the trade war will hurt the global economy and sink demand for crude oil.
Days ago, U.S. crude futures fell more than 4% below $59 a barrel, after falling 14% in two sessions that ended last week. Brent crude, the global benchmark, also fell more than 4%. If prices remain close to $60 a barrel for an extended period of time, producers will likely slow down drilling and will have to reassess their spending levels for the rest of the year and into 2026.
However, the issue of prices seems to be of increasing concern to consumers. As it emerges from the data of the Consumer Protection Service, consumer.gov.cy page, which functions as an observatory of fuel prices, records increased traffic. Specifically, in the last month (last 30 days) 50,904 surveys on fuel prices were recorded.
