Cyprus Consumers Association questions rising fuel prices

The Cyprus Consumers Association has raised concerns regarding the current retail prices of fuel in Cyprus, stating there are ‘strong indications that something is not right.’ While the Association acknowledges that recent price hikes are linked to developments in the Middle East, its president, Mario Drousiotis, questioned whether these geopolitical factors justify the current extreme price levels.

Of particular concern is the cost of heating oil, which has increased by approximately 50% since March 1. According to Association data, the price rose from €0.950 to €1.438 per liter, meaning a household filling a 1,000-liter tank faces an additional cost of roughly €488 compared to March. This has prompted calls for urgent measures ahead of the November heating season.

Other significant increases noted between March 1 and August 13 include a 21% rise in 95-octane gasoline (from €1.315 to €1.595 per liter) and a 26% rise in diesel (from €1.413 to €1.796 per liter). The Association noted that these figures do not include the 8.3 cent subsidy, suggesting prices would be even higher without it. Drousiotis expressed suspicion regarding the adequacy of fuel price monitoring and has repeatedly requested data from the Consumer Protection Service to justify these levels.