Cyprus fuel prices rise despite government tax reductions

Fuel prices in Cyprus continue to rise despite a government intervention to reduce the special consumption tax by 8.33 cents per liter. Data from the Consumer Protection Service shows that 95-octane unleaded gasoline has reached an average nationwide price of €1.74 per liter, an increase of 43 cents compared to February. Diesel prices have seen an even sharper rise, climbing from approximately €1.40 per liter in February to over €2.02 per liter.

Heating oil has also experienced significant increases, rising from €0.94 per liter in February to €1.66 per liter.

In response to concerns regarding whether tax reductions are being passed on to consumers, the President of the Petrol Station Owners Association, Mr. Christodoulou, addressed the issue. He noted that while some companies have implemented small price reductions, such as a 3-cent decrease in gasoline, these changes have not been universal across all stations. He challenged the Cyprus Consumers Association to provide specific names of stations that have failed to lower prices, asserting that the market operates under competitive conditions.