The Ministry of Energy, Trade and Industry is closely monitoring developments in the Middle East region, which have led to a sharp increase in the price of crude oil on international markets.
At the same time, the Ministry's Consumer Protection Service monitors the wholesale and retail prices of fuel in the Cypriot market on a daily basis.
In the event that price increases are detected that are not justified by the international prices of the refineries and the latest cargo import prices in Cyprus, the Service will immediately proceed to a recommendation to the Minister for the taking of measures, in accordance with the provisions of the applicable legislation.
The Minister of Energy, Trade and Industry appeals to all fuel trading companies to show maximum responsibility and avoid pricing practices that do not reflect the real market data.
Ensuring transparency and protecting consumer rights are top priorities for the Ministry, which remains in full operational readiness for immediate intervention, if necessary.
