The reduction in fuel excise duty by 8.3 cents per litre has come into effect from Saturday, aiming to mitigate the economic impact of the war in the Middle East on consumers. However, according to the Director of the Consumer Protection Service, Constantinos Karagiorgis, the actual reductions were smaller, as fuel prices supplied to gas stations are simultaneously increasing.
Specifically, the observed reduction in the average price of 95-octane petrol was 7.7 cents, and 6.5 cents for diesel, thus reducing the overall impact of the measure which should have seen a decrease of 8.3 cents.
“Prices have decreased, but due to continuous increases, average prices have dropped to a lesser extent,” Karagiorgis told CNA.
Following implementation of the reductions, according to data published on the Retail Fuel Price Observatory, the average price of 95-octane gasoline stands at €1.514 per litre, with the lowest at €1.444 and the highest at €1.599. The average price of diesel is €1.843, with the lowest at €1.747 and the highest at €1.898.
Cyprus among cheapest in EU for fuel
However, as Karagiorgis explained, Cyprus continues to remain among the cheapest countries in the EU in terms of fuel prices. According to the latest Weekly Oil Bulletin published on the European Commission’s website, dated April 2, before the implementation of the excise duty reduction, Cyprus ranked 6th cheapest in Europe for 95-octane gasoline and 7th for diesel.
The Consumer Protection Service conducted a comparison of the increase in average fuel prices in Cyprus and the EU during February and March, before and after the start of the war. Karagiorgis noted that the increase in 95-octane petrol in Cyprus was 11.9 cents, while the EU average increase was 17.7 cents and in Greece 19.2 cents. Similarly, average diesel prices in Cyprus increased by 20.7 cents, compared to an average increase of 32.2 cents in the EU and 34.9 cents in Greece.
Choose your petrol station wisely
“We want to make it clear that, in case unjustified increases or market distortions are identified, the Service and the Ministry will immediately proceed with the necessary measures,” he said.
The director urged consumers to be particularly observant regarding the petrol stations they choose, so they can benefit from lower prices, as variations between stations are significant.
Source: CNA