No safe predictions can be made about the future course of fuel prices, due to the unpredictable situation in relation to the war in Iran, the Director of the Consumer Protection Service, Konstantinos Karagiorgis, told KYPE.
Mr. Karagiorgis said that, despite the recent reductions in fuel prices in Cyprus, they have not yet returned to pre-war levels. As he said, it may take an additional period of time for prices to return to previous low levels.
At the same time, the President of the Pancyprian Association of Gas Station Owners, Savvas Prokopiou, told KYPE that he expected "another little reduction" in fuel prices, however new developments related to the war in Iran may lead to increases at a later stage.
"Recently, we have observed a continuous downward trend in fuel prices, which has been significant," said Mr. Karagiorgis. He added, however, that prices in Cyprus "have yet to reach the levels they were at before the war in Iran".
According to him, in the past period, the calmer situation in the international markets contributed to the reduction of prices. However, he noted that the picture remains fluid, as "a sudden spark" can rekindle tension in the Strait of Hormuz region, with unpredictable consequences.
For this reason, as he said, predictions cannot be made with certainty about the course of fuel prices. Mr. Karagiorgis expressed the hope that calm will prevail, so that prices return to pre-war levels, while calling for the avoidance of scaremongering about increases.
Based on data from the Consumer Protection Service, from June 2 to July 9, the average price of unleaded 95 in Cyprus decreased by 14.4 cents per liter, while the average price of diesel decreased by 34.9 cents per liter.
On July 9, the average nationwide price of unleaded 95 was €1.467 per liter, with the cheapest price at €1,389 and the most expensive at €1,569. The average price of diesel was €1,570 per liter, with the cheapest price at €1,484 and the most expensive at €1,767.
Asked whether cargoes of fuel with different prices from the existing ones have been received, Mr. Karagiorgis explained that there is a delay in the prices of fuels imported into Cyprus, as a period of a few days is required for their transport from refineries abroad.
As he mentioned, the fuel purchases currently in the Cypriot market were made about 10 days previously, which means that a recent development in international crude oil prices is not directly reflected in retail prices.
Mr. Karagiorgis added that the Service monitors the prices of refineries, which in the previous period were at low levels, contributing to the downward trend of fuel prices in Cyprus.
For his part, Mr. Prokopiou said that he expected a further slight reduction in prices, noting that the final price also includes the state subsidy of 8.3 cents. He added, however, that for the time being he does not foresee any new reductions.
The President of the Pancyprian Association of Gas Station Owners also said that there has been a stabilization of prices lately, while in relation to the latest developments in the Strait of Hormuz, he stated that, with the situation that has been created, "certainly at some stage the increases will begin".
