**Title: Fuel Prices in Cyprus Rise Less Than EU Average, Reports Consumer Protection Service**
Petrol and diesel prices in Cyprus have experienced increases that are notably lower than the average rise seen across the European Union, according to a report released by the Consumer Protection Service (CPS) on Tuesday. The CPS cited data from the European Commission’s EU Oil Bulletin, highlighting a comparative analysis of fuel price trends between Cyprus and other EU member states.
In the latest figures, the retail price of unleaded 95 petrol in Cyprus rose by 27 cents per litre. This increase is two cents lower than the EU average, which saw a rise of 29 cents per litre. Other countries, such as Poland and Greece, reported similar increases in petrol prices, both at 27 cents and 26 cents per litre, respectively. However, Belgium and Italy experienced more significant hikes, with petrol prices increasing by 34 cents per litre.
When examining diesel prices, Cyprus recorded a rise of 36 cents per litre, which is eight cents below the EU average increase of 44 cents. In comparison, Belgium faced the highest increase at 54 cents per litre, while Greece followed closely with a 47-cent rise. Poland and Italy also saw notable increases in diesel prices, at 39 cents and 38 cents per litre, respectively.
The CPS emphasized the importance of monitoring fuel price trends, stating that consumer protection and the smooth functioning of the market remain top priorities. The agency acknowledged the significant impact of fuel prices on consumers, transport costs, and the overall cost of living. To address these concerns, the CPS is continuously assessing market developments and analyzing available data to identify any factors that may disrupt market stability.
The Ministry of Energy has also weighed in on the issue, explaining that retail fuel prices are influenced by a variety of factors beyond just fluctuations in international benchmark prices. These factors include distribution, insurance, transport, and storage costs, as well as broader market conditions. The ministry noted that during periods of geopolitical tension and significant volatility in international oil markets, the costs associated with fuel products—including insurance and freight—can greatly affect final market prices.
Furthermore, the ministry pointed out the time lag involved in the fuel supply chain, which includes the purchase, import, transport, and storage of fuel shipments before they reach consumers. This lag is an essential consideration when evaluating retail prices, as it can lead to discrepancies between current crude oil prices and the prices consumers see at petrol stations.
In summary, while fuel prices in Cyprus have indeed risen, the increases are comparatively lower than those observed in many other EU countries. The CPS continues to monitor the situation closely, ensuring that consumer interests are safeguarded amid fluctuating market conditions. The Ministry of Energy reiterates the complexity of fuel pricing, underscoring the need for a comprehensive understanding of all contributing factors rather than relying solely on current international prices.