FUEL PRICE INCREASES BEING PREPARED IN CYPRUS

Fuel price increase being prepared in Cyprus

Cyprus is expected to see higher petrol and diesel prices due to a new escalation of the conflict in the Middle East. Petrol station owners and representatives of the Ministry of Energy warned about a possible price increase.

The trigger for the price rise was the worsening tension around Iran and the Strait of Hormuz — one of the key routes of the global oil trade. Amid the military escalation, the price of Brent crude rose to $78.4 per barrel, and WTI — to $73.8.

The Ministry of Energy noted that changes in global prices are not reflected in fuel prices in Cyprus immediately. Supplies are made under contracts based on average prices over the previous ten days, so motorists will feel the price increase with a slight delay.

The president of the Cyprus-wide association of petrol station owners said that there is no longer any point in counting on further price cuts. According to him, if tensions in the Middle East persist, fuel prices on the island will continue to rise.