Brent Above $100 Keeps Cyprus Fuel Prices Under Strain
Global crude prices remain high, and Cypriot drivers and households are likely to feel it at the pump and on electricity bills, as parties criticise the government's support package.
Global crude benchmarks are still trading above $100 a barrel, and that keeps feeding through to what Cypriots pay for petrol, diesel and power, Politis reports. Supply from the Gulf has partly recovered, yet the extra volumes have not been enough to pull prices down.
Around 15.5 million barrels a day are now shipped from the region — more than 80 per cent of the level seen before the war — but moving oil through the Strait of Hormuz stays expensive and hazardous. Physical crude markets remain tight, and the euro's slide to a 17-month low against the dollar makes imported fuel costlier for European buyers, Cyprus included.
Disy and Akel both argue that last week's support package falls short of what households need, with Disy pointing to an estimated €1 billion cost-of-living burden in 2025.
"The measures do not address the magnitude of the problem in practice. They are limited compared with the increases and leave a large part of low- and middle-income households exposed," said Akel's head of energy policy, Vakis Charalambous.
What it means for residents
Anyone filling a tank or paying a power bill on the island should brace for further increases in the coming weeks, while the political row over relief measures means no quick fix is in sight.
- Budget ahead Fuel and electricity are likely to stay expensive, so refuelling before prices move and cutting unnecessary consumption can soften the hit.
- Watch the package Whether the announced support is topped up depends on the parties and the finance ministry, so follow the debate if you rely on subsidies.
- Plan for winter Higher energy costs usually show up in heating and electricity bills later in the year, so setting aside money now helps.
This text is written from the source article and is not a translation of it.
