OIL REACHED €2 per liter BEFORE THE FALL - PRICES HAVE DECREASED SINCE MIDNIGHT - Filenews 4/4 by Angelos Nikolaou
Motor fuel prices fell from midnight after going uphill, with diesel having flirted with the psychological barrier of €2 per liter in several points of sale.
Since midnight, consumers have seen the first substantial decompression at the pumps, as the reduction of the consumption tax by 8,33 cents per liter comes into force, as a result of the urgent bill promoted by the Council of Ministers in Parliament yesterday Thursday.
Based on the average price that was in force yesterday, gas station owners are expected to proceed with the relative reduction and the price of 95 gasoline to be €1.50 per liter and diesel to €1.83 per liter.
In just one month, diesel became more expensive by 50 cents and gasoline by 30 cents, consumers expect a small breath of 8.33 cents per liter.
Geopolitical instability and the conflict in Iran have pushed the international price of crude oil (Brent) to $109 per barrel. Therefore, the escalation of the war between the US/Israel and Iran will result in the continuation of the wave of high prices.
The repercussions on the Cypriot market since the start of the war have been stormy:
◗ Unleaded 95: An increase of 27.8 cents per liter.
◗ Diesel: An increase of 50.5 cents per liter.
◗ Heating oil: An increase of 40.3 cents per liter.
According to yesterday's data from the Retail Price Observatory, huge fluctuations in prices are recorded from gas station to station, which even reach 20 cents.
◗ Unleaded 95: €1,592 average price, €1,527 lower, €1,678 higher, 15.1 cents per liter change.
◗ Diesel: €1,916 average price, €1,788 lower, €1,997 higher, 20.9 cents per liter change.
◗ Heating oil: €1,353 average price, €1,279 lower, €1,479 higher, 20 cents change.
The director of the Consumer Protection Service, Konstantinos Karagiorgis, stated that the market is being checked daily, noting that "for the time being, there are no overcharges on the part of the companies", while he attributed the increases to international uncertainty. He called, however, on citizens to research the market to identify the cheapest points of sale. The Consumer Protection Service assures that from today it will be on foot to confirm through the Observatory that the reduction of 8.33 cents is applied horizontally to all gas stations in Cyprus.
It is recalled that the day before yesterday, Thursday, the Plenary Session of the Parliament unanimously approved the government bill under the urgent procedure. The tax reduction is valid until June 30, 2026, with a total budgetary cost of €18.6 million.
