Cyprus posts fourth-steepest EU petrol price rise in August
Petrol prices in Cyprus jumped 6.2 per cent between July and August, the fourth-largest monthly increase in the EU, according to Eurostat data.
Petrol prices in Cyprus rose 6.2 per cent between July and August, the fourth-highest monthly increase among EU member states, according to Eurostat data released on Tuesday and reported by Cyprus Mail.
Only Spain, where petrol prices climbed 8.2 per cent, Romania at 6.6 per cent and Italy at 6.3 per cent recorded larger monthly rises. Across the EU as a whole, petrol prices increased by 3.3 per cent in August compared with July, following a 4.7 per cent rise in July compared with June. Prices went up in 22 EU countries, fell in three and stayed unchanged in two others.
Diesel climbed even faster across the bloc, rising 8.3 per cent in August after a 4.3 per cent increase in July. Diesel prices rose in 26 of the 27 member states, with the sharpest jumps in Czechia at 14.3 per cent, Bulgaria at 13.5 per cent and Luxembourg at 12.3 per cent, while Italy, Romania and the Netherlands saw the smallest increases.
The monthly figures came as fuel and lubricant prices for personal transport continued to accelerate year on year. In August, they were 23.8 per cent higher than a year earlier, up from an annual increase of 16.9 per cent in July and 13.7 per cent in June. Annual prices rose in 26 of the 27 EU countries, and in 18 countries they were more than 20 per cent above the previous August.
Bulgaria recorded the largest annual increase at 34.5 per cent, followed by Lithuania at 28.8 per cent, Finland at 27.6 per cent, Germany at 27.5 per cent and France at 27.4 per cent. Hungary had the smallest rise at 1.3 per cent, ahead of Sweden at 6.1 per cent and Ireland at 11.7 per cent. The latest Eurostat release did not include a separate Cyprus-specific annual rate for fuels and lubricants.
What it means for residents
Fuel is a direct cost for most households on the island, and August's increase will feed into the price of getting to work, school runs and deliveries. Because Cyprus is among the EU's fastest risers this month, the effect may show up sooner in household budgets than in countries where prices moved less.
- Everyday driving. A full tank now costs noticeably more than in July, so a weekly fuel budget may need adjusting.
- Prices of goods and services. Higher diesel costs typically pass through to transport and delivery charges, which can push up shelf prices over time.
- What to do. Compare prices between stations, use loyalty schemes and plan combined trips to cut consumption where possible.
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