Fuel prices set to go up again in coming days

The price of fuel will increase again in the coming days, petrol station owners’ association chairman Savvas Prokopiou said on Wednesday, with the retail price of diesel reaching record highs. He said that in recent days, the price of brent oil has stabilised at “just over $100” per barrel, with information available to the Cyprus Mail putting the price at $105.80 as of Wednesday afternoon. Nonetheless, he said, prices are expected to continue to increase “because there are factors which are included in the wholesale price with a quota, such as value added tax”. As such, he added, “there is a large amount of revenue which ends up in the state’s coffers”. Related Articles • Oil nears $107 as Gulf attacks threaten fresh fuel price hikes in Cyprus • Cyprus cost-of-living relief fails to tackle high energy costs He therefore called on the finance ministry to “help vulnerable groups of the population, professionals whose main expense is fuel”, and to “double the heating oil subsidy” for people who live in mountainous areas. The government had on September 30 reduced the excise duty on heating oil from 7.4 cents per litre to 2.1 cents per litre. As such, it is not clear what “doubling” this would entail. Price of diesel reaches maximum of €2.126 per litre As of Wednesday afternoon, the average retail price of a litre of 95-octane petrol stood at €1.759, with the joint-highest price of €1.829 recorded at three locations the Shell petrol station in the Paphos district village of Timi, the Petrolina petrol station in the Nicosia suburb of Latsia, and the Eni petrol station in the Nicosia suburb of Strovolos. The lowest price, €1.669 per litre, was recorded at the Fill ‘n’ Go petrol station in the Larnaca district village of Pyrga. Meanwhile, the average price of a litre of diesel stood at €2.019 per litre, with the highest price of €2.126 recorded at the Petrolina petrol station on Limassol’s seafront road, near the Kean factory and The Oval. Like in the case of 95-octane petrol, the cheapest diesel in the Republic of Cyprus is sold at the Fill ‘n’ Go petrol station in Pyrga, and costs €1.939 per litre.