A slight decline has been recorded in fuel prices over the past two weeks, despite the sharp fluctuations that continue to be observed in the market. Speaking on the “Alpha News” program, the Director of the Consumer Protection Agency, Konstantinos Karagiorgis, explained the reasons behind the decreases, while also referring to the inspections to ensure compliance with the excise tax reduction.
As he noted, refinery prices have recently shown slight decreases, mainly for 95-octane unleaded gasoline, which have been gradually passed on to retail prices. “This has resulted in a decrease, over the past fifteen days, of approximately 4.1 cents on average for 95-octane gasoline and 1.7 cents for diesel,” he noted, describing the trend as positive and expressing hope that the downward trend would continue. According to the data presented on the program, the average price of unleaded 95 stands at €1.719 per liter, while diesel remains above €2, with an average price of €2.002.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Regarding the implementation of the excise tax reduction on heating oil, Mr. Karagiorgis noted that 94% of gas stations have fully implemented the measure. However, the Agency proceeded to publish the details of 22 gas stations that either did not lower their prices or reduced them by less than expected. “We didn’t say that prices would be frozen, but from evening to morning, the reduction was supposed to be reflected at all gas stations,” he emphasized, explaining that the goal is for consumers to know whether government measures are being implemented.
Regarding how prices are monitored, the Director of the Consumer Protection Agency explained that a modern monitoring system is used, which draws on data from 2020 onward. “It is a very modern and up-to-date system. It takes into account a vast amount of data from 2020 onward and, using technology and algorithms, shows us whether current prices are at reasonable levels or not,” he said. At the same time, he stated that the Agency is ready to present a detailed explanation of how the system works to the relevant parliamentary committee, while expressing support for initiatives that enhance transparency and consumer awareness.
When asked about price trends in the near future, Mr. Karagiorgis refrained from making specific predictions, noting that international uncertainty and geopolitical developments are affecting the market. He emphasized, however, that the Agency’s inspections focus on whether retail prices reflect the actual cost of imported fuels. “This is what we’re checking: whether the purchases made, the shipments arriving in Cyprus, and the prices paid by consumers correspond to the actual prices they should be paying,” he explained.
A proposal on the table
A bill proposed by DISY MP and Chairman of the Parliamentary Committee on Energy, Nikos Georgiou, which is expected to be discussed next Tuesday before the Committee. Speaking on the “Alpha News” program, Mr. Georgiou explained that the goal is to enhance transparency and ensure consumers are fully informed about exactly what they are paying at gas stations.
As he noted, the proposal calls for the retail receipt to clearly and itemized list the price per liter, the net value of the fuel, the excise tax, other fees and duties, the VAT, and the total amount. Special mention will also be made of the fee paid to KODAP. “Citizens should know and be informed about what they are paying, especially during times like these, when fuel prices fluctuate sharply and represent a significant daily expense for citizens, households, and businesses,” he noted, adding that a similar practice is already in place in other European countries, such as Greece.
According to Mr. Georgiou, implementing this measure will allow consumers to verify whether tax reductions are actually passed on to final prices. As he explained, complaints are occasionally filed by organized consumer associations against gas stations that fail to implement the corresponding price reductions following government decisions. In his view, itemized receipts will significantly curb such practices, while also strengthening oversight capabilities.
Referring to the reasons that led him to introduce the bill, the member of parliament stated that during a meeting of the Energy Committee, he asked representatives of three relevant government agencies to explain how the final price of fuel is calculatedbetween the product’s value and government levies, but received no specific answer. “I considered this a major insult to Cypriot taxpayers and consumers, and I proceeded to draft the bill,” he said, clarifying that the agency representatives may not have been sufficiently prepared to answer that specific question.
At the same time, Mr. Georgiou maintained that the initiative has received a positive response from both organized consumer associations and representatives of gas station owners. “We, too, want transparency so that we are not singled out,” was, according to him, the message he received from the gas station owners. He added that he has received a positive response from other political parties as well, and he assessed that there is no constitutional obstacle to moving forward with the regulation.
