The international price of Brent crude oil fell below $73 per barrel today, falling even lower than the levels it had been at before the United States attacked Iran.

On Friday, February 27, the price had closed at $72.87. The U.S. attack began the following day, with markets closing on Monday, March 2, at $77.74.

At some point today, the price fell as low as $72.19—lower even than before the outbreak of war. The markets ultimately closed at $73.

The continued decline in prices is a natural consequence of the talks between the United States and Iran and the increase in tanker traffic through the Strait of Hormuz.

Decline in Cyprus

The impact is now evident in the Cypriot market as well.

“At current international prices—assuming they remain at today’s levels—it will take about 8–10 days for these reductions to be reflected in the Cypriot market. So, in this case, we’re currently a little above that level.” ^{Marios Droussiotis, President of the Cyprus Consumers’ Association}

According to data from the Consumer Protection Service, prices have been on a downward trend since April for diesel and since the beginning of the month for gasoline.

Specifically, the price of unleaded 95 stood at €1.611 on June 2 and is now at €1.532, marking a decrease of 7.9 cents. Diesel fuel reached €1.919 on April 3, while today it has fallen to €1.666, marking a decrease of 25.3 cents.

“We have observed that when prices rise for a specific reason, even after that specific reason is eliminated and no longer applies, prices do not fall back to the level they were at before the increase.” ^{Marios Droussiotis, President of the Cyprus Consumers’ Association}

Current prices are also the result of the reduction in the excise tax of 8.33 cents per liter, which was set to expire on the 30th of this month, with the House of Representatives approving the government’s proposal today to extend the measure for another two months.

Watch the report by Neoklis Neokleous