"We cannot predict with certainty the future trend of fuel prices due to the unpredictable situation surrounding the war in Iran," Konstantinos Karagiorgis, Director of the Consumer Protection Service (CPS) at the Ministry of Energy, Trade, and Industry, Konstantinos Karagiorgis, told CNA, adding that despite recent decreases in fuel prices in Cyprus, they have not yet returned to pre-war levels.

At the same time, the President of the Pancyprian Association of Gas Station Owners, Savvas Prokopiou, told CNA that he had expected “a further slight decrease” in fuel prices, but that the new developments regarding the war in Iran would eventually lead to price increases.

“Recently, we’ve seen a steady downward trend in fuel prices, which has been significant,” said Mr. Karagiorgis, adding, however, that prices in Cyprus “have not yet reached the levels they were at before the war in Iran” and “it may take some additional time for prices to return to those levels.”

He noted that recently, due to the calm situation that prevailed, there has been a significant downward trend.

“Nevertheless, the situation, as we see it today, is unpredictable because a sudden spark could reignite the conflict in the Strait of Hormuz region, leading to unforeseeable circumstances,” he added.

For this reason, according to the Director of the YPK, “we cannot make definitive predictions about the future” regarding the trend in fuel prices.

“We hope that calm will prevail so that prices can return to pre-war levels,” he said, calling on everyone to avoid scaremongering about price increases and to refrain from causing unnecessary concern.

According to data from the Ministry of Energy, from June 2 through July 9, the average price of unleaded 95 decreased by 14.4 cents per liter, while the average price of diesel fell by 34.9 cents per liter.

On July 9, the average price of Unleaded 95 across Cyprus was 1.467 euros per liter, with the cheapest at 1.389 euros and the most expensive at 1.569 euros. The average price of diesel was 1.570 euros per liter, with the cheapest at 1.484 euros and the most expensive at 1.767 euros.

When asked whether fuel shipments with different prices had been received, Mr. Karagiorgis said that there is a time lag in the prices of fuel imported into Cyprus, as it takes a few days to transport it from refineries abroad.

“The fuel purchases currently on the Cypriot market were made about 10 days ago,” he explained.

Mr. Karagiorgis said that the Agency is monitoring refinery prices, which were at low levels, causing fuel prices to follow a downward trend.

For his part, Savvas Prokopiou said he expected another small price reduction, noting that the price still includes the government subsidy of 8.3 cents. He added that, for the time being, he does not foresee any further price reductions.

“We’ve seen that prices have stabilized recently,” he said.

Referring to the latest developments in the Strait of Hormuz, Mr. Prokopiou said that “with this situation that has arisen again, price increases will certainly begin at some point” for fuel.