Fuel stations warn pump prices may climb again as oil stays high
Station owners say the recent dip at the pumps is not reflected on world markets, and another increase is possible if crude keeps trading near current levels.
Cyprus could see another round of increases at the pumps should international crude prices hold near present levels for several more days, according to the head of the petrol station owners' association, as reported by Cyprus Mail. Savvas Prokopiou explained that the small retreat in retail prices seen lately has no counterpart on global markets.
Brent-type crude was trading around $102 (€89) a barrel over the past two weeks but has since moved up to roughly $112 (€97), he noted. Average pump prices currently stand at €1.760 a litre for 95 octane and €2.021 for diesel, with petrol gaining 0.92 per cent week-on-week while diesel slipped 0.44 per cent.
“Unfortunately, things did not go as we would have liked,” Prokopiou said.
The reduced excise duty on motor fuels stays in place until November 30. Separately, Finance Minister Makis Keravnos has indicated the government's aim is to keep prices in check rather than deliver major cuts, and Prokopiou has pressed him for more help with heating oil, describing the announced aid as “very small”. Parliament last Thursday backed a 5.3 cents per litre tax cut on heating fuel running from October 23 to April 30, at an estimated €5.2 million cost to the state.
What it means for residents
Anyone who drives or heats a home should budget for fuel costs staying high into the winter, with no big relief in sight from either the market or the government.
- Fill up sooner rather than later. If crude remains where it is, another price rise at the pumps is on the cards within days.
- Heating oil buyers get a small break. The 5.3 cents per litre tax cut applies from October 23 until April 30, so timing bulk orders inside that window matters.
- The motor fuel excise cut expires on November 30. Plan for the possibility that the discount disappears unless it is extended.
This text is written from the source article and is not a translation of it.
