The Cyprus Consumers’ Association has expressed doubts as to whether retail fuel prices in Cyprus should be at their current levels, with its president, Marios Drousiotis, telling CNA on Thursday that there are “strong indications that something is not right.”
As he noted, the Association does not dispute that the latest increases are directly linked to developments in the Middle East, but it does question whether this connection justifies the level prices have reached or whether they should be lower.
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He expressed particular concern about heating oil, the price of which, he said, has risen by about 50% since March 1. According to the Association’s data, the price rose from €0.950 to €1.438 per liter, a difference of 48.8 cents, which means that to fill a 1,000-liter tank, a household now needs approximately €488 more compared to March.
“That is why we are already concerned about heating oil and believe that measures must be taken,” he said, noting that November is approaching and households will need to fill their tanks.
According to data cited by Mr. Drousiotis, from March 1, 2026, through August 13, the price of 95-octane gasoline rose from €1.315 to €1.595 per liter, and the price of diesel rose from €1.413 to €1.796.
As he noted, these increases amount to approximately 21% for gasoline and 26% for diesel. He added that these percentages do not include the 8.3-cent subsidy and, according to him, if the subsidy did not exist, the increases would be even higher.
The Association’s President said that the increases raise “reasonable suspicions that there is insufficient control over fuel prices,” adding that the Association has repeatedly asked the Consumer Protection Agency for data demonstrating that prices are at reasonable levels.
As he noted, the response he receives is that the Agency monitors prices and considers them reasonable, while when more data is requested, it is stated that such information is confidential.
Mr. Drousiotis argued that not all data is confidential, stating that approximately 30%–40% of the data taken into account for price monitoring, in his view, is not confidential and could be provided to the Association.
He also referred to the implementation of the fuel subsidy in early April, stating that, according to the Association’s data, 19 gas stations did not reduce their prices at all by the 8.3 cents of the subsidy, while another 97 implemented a smaller reduction.
At the same time, he said that about ten days later, when an oil company announced a gasoline price increase, 22 gas stations not affiliated with that company also raised their prices.
Mr. Drousiotis said that the Association had requested clarification on whether the failure to fully pass on the subsidy to consumers constituted an offense. As he noted, the Consumer Protection Agency initially referred the matter to the Ministry of Finance, and subsequently, the matter was returned to the Service, which stated that no offense had been committed.
“These are clear-cut examples that either prices aren’t being monitored or they are being monitored and someone is turning a blind eye,” he argued.
When asked whether he considers the price increase since March to be unjustified, Mr. Drousiotis said that the data provide “strong indications that something is amiss with fuel prices in Cyprus” and that the relevant authorities must reassure consumers with concrete evidence.
Regarding the subsidy, he noted that the President of the Republic, the Minister of Finance, and the Director of the Service had stated that prices would be closely monitored and that any irregularities would not be tolerated.
He argued, however, that the Association’s data show that the monitoring was not effective, questioning the purpose of a subsidy if it is not ensured that it reaches the consumer in full.
“If you don’t ensure that the subsidy will definitely reach the consumer, why are you giving a subsidy? So that it ends up in the coffers of gas stations or who knows where else?” he asked.
In conclusion, Mr. Drousiotis argued that the Association sees no intention on the part of the government and the relevant ministry to effectively control fuel prices.
“I don’t know if this is because they can’t or because they won’t. Let them answer that for us,” he said.
Source: CNA
