The situation with fuel prices is flaring up again. Despite yesterday’s stabilization, the trading price of Brent crude today exceeded $90 per barrel. Since July 16, Cypriot consumers have been paying even more for fuel every day.

MARIOS DRUSIOTIS—President of the Cyprus Consumers’ Association: “In
just one month, 95-octane gasoline has risen by 12 cents per liter, €0.22 per liter for diesel, and €0.08 per liter for heating oil. You can see that these are massive increases on top of the already high prices we’ve been seeing.”
 
The average price of 95-octane gasoline today is 1.596
; diesel is 1.803
; and heating oil is 1.450

. Despite assurances from the Consumer Protection Agency that all necessary market checks are being carried out, the Consumers’ Association points out that there are still serious indications that something is amiss with the prices.

MARIOS DRUSIOTIS—President of the Cyprus Consumers’ Association: “Someone
finally needs to give us answers. On March 1, the average international price of Brent crude oil was $71 per barrel. On July 16, when we conducted our survey, the average price of Brent crude oil was $78 per barrel.  However, a $7-per-barrel increase cannot account for a difference in retail prices of 28 cents for gasoline, 39 cents for diesel, and 50 cents for heating oil.”

Demand for heating oil is also expected to rise significantly in the coming months. Compared to six months ago, for a 1,000-liter tank, consumers will have to pay about €500 more.

MARIOS DRUSIOTIS—President of the Cyprus Consumers’ Association: “Who
will keep this money? Thirty percent of the population will keep it, 40–60 percent will cut back on spending, and 30 percent will not only cut back but will suffer.”
 
And all this at a time when the prospects for an immediate agreement between Iran and the U.S. to end the war remain limited.

See the report by Kleio Vourkou:

READ ALSO: Drousiotis Demands Explanations: How Did a $7 Increase in Oil Prices Send Fuel Prices Soaring in Cyprus? | AlphaNews