A sharp fall in international oil prices following the temporary ceasefire between the United States and Iran is unlikely to translate into immediate relief for consumers in Cyprus, according to officials and market stakeholders.
While global markets reacted positively to the de-escalation, local players stress that any downward adjustment in fuel prices will take time and remains dependent on how long the current trend is sustained.
Savvas Prokopiou, president of the Cyprus petrol station owners’ association, said reductions could begin to appear within 10-15 days, provided international prices continue to ease. He explained that the domestic market typically reflects global shifts with a delay, noting that price movements tend to unfold gradually rather than all at once.
Fuel importers, however, are more cautious. Petrolina executive chairman Dinos Lefkaritis said it is too early to make reliable projections, highlighting the volatility of geopolitical developments. He warned that conditions can change rapidly, particularly in the Middle East, making short-term forecasts highly uncertain.
The Consumer Protection Service of the Ministry of Energy, Commerce and Industry also adopted a cautious stance. Its director, Constantinos Karayiorkis, said that while prices may stabilise following the recent international drop, it is still premature to draw firm conclusions. He stressed that developments on the geopolitical front will ultimately determine whether the downward trend is sustained.
The ceasefire announcement by US President Donald Trump, which includes a temporary halt in hostilities with Iran linked to the reopening of the Strait of Hormuz, has supported optimism in energy markets.
Even so, stakeholders in Cyprus say that sustained stability in global supply flows and clearer signals from the region will be needed before any meaningful reductions are passed on to consumers.
Source: CNA