Cyprus Fuel Prices Hit Record Highs as Brent Oil Rises
Savvas Prokopiou warns of rising fuel costs in Cyprus and urges the government to increase subsidies for vulnerable groups and mountainous residents.
Fuel prices in Cyprus are climbing toward new peaks, with diesel already reaching record highs. Savvas Prokopiou, chairman of the petrol station owners’ association, attributed the price surge to Brent oil stabilizing above $100 per barrel and the effect of value-added tax on wholesale costs.
As of October 14, the average retail price for 95-octane petrol stood at €1.759 per litre. Diesel prices averaged €2.019 per litre, though some stations in Limassol reported prices as high as €2.126 per litre. Prokopiou noted that "there is a large amount of revenue which ends up in the state’s coffers" due to these costs.
In response to the price hikes, Prokopiou urged the Ministry of Finance to provide aid to professionals and vulnerable groups. He specifically called for the government to double the heating oil subsidy for residents in mountainous areas. This request follows a September 30 decision by the government to reduce the heating oil excise duty from 7.4 cents to 2.1 cents per litre.
