FUEL - 55% INCREASE IN REFINERY CHARGES - INCREASES IN OTHER PRODUCTS AS WELL - Filenews 10/3 by Angelos Angelodimou
The news coming from the international markets regarding fuel prices is bad. According to data from the Consumer Protection Service, in the last 10 days there has been an increase in fuel prices in the Cypriot market of between 2.6 cents and 4.7 cents per liter, depending on the type.
However, as it turns out, the hard times are now coming. And this is because from 90 dollars per barrel, about a week ago, today the price of oil has exceeded 115 dollars per barrel. Therefore, we should expect even greater increases in retail prices.
Up to 55% rise in refineries
The reason for the increase seems to be the increase in the prices given by the refineries, combined with a series of other events, such as increases in fares and insurance premiums. Specifically, refinery prices have increased in the last week by up to 55%, according to the data collected by the competent bodies here.
How does this translate? Consumers' pockets will sigh in the coming period. And not only in terms of fuel. As is well known, oil is a key factor in a number of other products, therefore, as we were characteristically told by a competent source, it is likely that we will see increases in electricity, food, transport and a number of other sectors of the economy.
Yesterday's statements by the President of the Pancyprian Association of Gas Station Owners, Savvas Prokopiou, were also characteristic. Speaking to KYPE, he spoke of staggered increases in fuel prices in the Cypriot market in the coming weeks, after the significant increase recorded in recent days in the global price of oil.
Asked whether the increases that consumers will see this week will be greater than those of last week, Mr. Prokopiou replied that "based on experience, I think they will be higher". However, he noted that it is difficult to make an accurate prediction of the amount of increases, as in times of geopolitical tension market conditions change rapidly
Yesterday, according to international media, oil prices accelerated their historic rise even more, with that of WTI (West Texas Intermediate) rising by 30% and Brent by 27%, and with both reference varieties now exceeding $116 per barrel.
At the same time, gas prices in Europe skyrocketed by as much as 30% on Monday. The Dutch TTF gas contract, considered the European benchmark, jumped to €69.50, before slightly cutting its gains.
