Despite the fact that the reduced excise tax on fuel is in effect, the price of diesel at some gas stations has broken through the psychological barrier of 2 euros per liter.
At seven gas stations in the districts of Nicosia and Paphos, the pump price for diesel stands at 2.039 euros, while the average price is 1.94 euros. The average price of unleaded 95 across Cyprus is 1.67 euros. The average price of heating oil broke every previous record, reaching 1.56 euros per liter—4.5 cents higher than the previous highest price.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
“These are the highest prices recorded in recent years. If it weren’t for the 8.33 reduction in the excise tax—which is a numerical measure—while fuel prices are characterized by volatility and fluctuate, they would be even more expensive.”
Andreas Christou – Senior Officer, Consumer Protection Service
“The issue here is that it’s not enough, because these successive increases have more than offset this decrease.”
Dr. Konstantinos Hatzistasou – Professor in the Department of Energy at the University of Nicosia
“Someone who wants to fill up their tank today will pay 610 euros more than if they had filled it up on March 1. Once again, it’s clear that not many people with low or middle-class incomes can afford this heating cost.”
Marios Drousiotis – President of the Consumers’ Association
READ ALSO: Nightmare Scenarios: Estimates Suggest the Price of Heating Oil Could Reach €2.80
Price hikes that are financially suffocating consumers, forcing them to dig deeper into their pockets.
“And people are still protesting because when fuel prices go up, everything else gets more expensive too. It’s a chain reaction, and that’s why people are reacting. Given this situation, I want to point out that more people are now going to the occupied territories. If the government doesn’t find a way to lower prices, it’s pushing people toward the occupied territories.”
Christodoulos Christodoulou – Spokesperson for Gas Station Owners
Gloomy Forecasts
The forecasts are grim, and new price hikes are a given. These increases may take effect within the week.
“But we can’t know where this will end. We’ve now surpassed 2 euros. In Germany today it’s 2.85, in France 2.80, in Greece 2.50, so we’ll follow suit.”
Christodoulos Christodoulou
“This is a nightmare scenario because it will have a domino effect on inflation and the cost of living. Cyprus is already the European leader in cost of living.”
Dr. Konstantinos Hatzistasou
AKEL has issued a statement calling for additional measures to be taken due to the rapid rise in fuel prices.
Watch the report by Nasia Ioannou:
Rises in fuel prices are triggering a chain reaction of price increases for both food and electricity, as economic analyst George Georgiou emphasized on Alpha TV’s main newscast.
Based on the experience of 2022, when the price of Brent crude exceeded $100 per barrel, calculations show that each household paid up to 150 euros more just for basic necessities—namely, electricity, food, and fuel.
Of course, this varies from household to household.
Here is a detailed breakdown of what Giorgos Georgiou said:
