Further fuel price cuts expected as refinery costs fall, official says

Economy energyfuelgaspetrolTop News Further fuel price cuts expected as refinery costs fall, official says Further Fuel Price Cuts Expected As Refinery Costs Fall, Official Says Relevant News World chess body suspends Russia, once the game’s leading power 11 June 2026 Cyprus terror suspect met Hamas operative in Malaysia, confession reveals 11 June 2026 UK defence minister Healey quits, says PM Starmer’s plans fail to keep country safe 11 June 2026 Newsroom 11 June 2026 FacebookXWhatsAppEmailPrintViber Further cuts to retail fuel prices are expected in the coming days, on top of reductions already recorded over the past month, the director of the Consumer Protection Service at the Ministry of Energy, Commerce and Industry told CNA. Konstantinos Karagiorgis said diesel prices have fallen by an average of 13.5 cents over the past month, while unleaded 95 petrol has dropped by an average of 2.4 cents. The president of the Pan-Cyprian Petrol Station Owners Association, Savvas Prokopiou, confirmed the same trend, also citing a reduction of around 13.5 cents in diesel. Karagiorgis attributed the trend to a significant fall in platts prices — the refinery benchmark prices that feed into fuel shipments arriving in Cyprus. Based on current data, he said, this development is expected to feed through to retail prices in the coming days, producing significant additional reductions. Uncertainty remains Despite the downward trend, Karagiorgis cautioned that uncertainty persists in the international market and that the situation has not stabilised. New threats to close the Strait of Hormuz are maintaining market uncertainty, he said, adding that current retail prices reflect only the present situation and not future trends, as nobody knows what tomorrow may bring. Wide price variations between stations Karagiorgis noted significant price variations between petrol stations and urged consumers to choose stations with the lowest prices. According to him, the gap between the highest and lowest price for unleaded 95 reaches 17 cents, while for diesel the difference stands at 23 cents. Based on Consumer Protection Service data for June 11, retail prices across Cyprus are as follows: Unleaded 95: average €1.586, cheapest €1.525, most expensive €1.699 Diesel: average €1.739, cheapest €1.669, most expensive €1.892 Heating oil: average €1.391, cheapest €1.338, most expensive €1.479 Three cuts in a month Prokopiou told CNA that three price reductions have been recorded over the past month, particularly for diesel, which has fallen by around 12 to 14 cents from its peak following the outbreak of war in Iran. The reduction in petrol prices was smaller, he said, at between three and five cents. He added that international oil prices have shown signs of stabilisation in recent days despite the situation at the Strait of Hormuz, with prices moving at around $90 to $95 per barrel over the past ten days. He described this as a positive sign and expressed hope that further price reductions would follow. Call to extend subsidy With the current fuel subsidy due to expire at the end of July, Prokopiou called on Finance Minister Makis Keravnos to extend the 8.3-cent subsidy for a further period to ease the burden on consumers. He said that if the financial capacity exists, the minister could grant an additional extension to the reduced fuel tax. Read more: Rising fuel prices squeeze household budgets across Europe as affordability varies by income Subscribe to our Newsletter Latest News World chess body suspends Russia, once the game’s leading power Cyprus terror suspect met Hamas operative in Malaysia, confession reveals UK defence minister Healey quits, says PM Starmer’s plans fail to keep country safe Alcohol drinking will shrink in the next decade, research finds Four suspects in extortion and organised crime case appear in court Luka Šulić: “I treat my cello as a human being” Occupation forces detain GC firefighter in Pyla buffer zone Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.