The Consumer Protection Service has found no evidence of unjustified increases in fuel prices in Cyprus, its director Constantinos Karagiorgis said, despite recent concerns raised by consumer groups.
Speaking to CNA, Karagiorgis said the Service continues to monitor fuel prices daily and systematically, as mandated by legislation, and so far has not identified irregular pricing practices.
His comments follow claims by the Cyprus Consumers Association that 22 fuel stations raised prices without corresponding increases announced by their supplying companies. Karagiorgis dismissed the allegations, stressing that only the Service has the institutional authority to assess pricing trends based on full market data.
He added that if unjustified price increases are detected, the Service will submit recommendations to the Minister for appropriate action.
Karagiorgis also reiterated that Cyprus ranks among the countries with the lowest fuel prices in Europe. Based on 2026 European averages, Cyprus is the third cheapest for 95-octane petrol and fifth cheapest for diesel.
Prices driven by refinery costs
Addressing why recent drops in global oil prices have not been immediately reflected at the pump, Karagiorgis explained that retail fuel prices are determined by refinery costs rather than crude oil prices alone.
According to the Service, between February and April refinery prices rose sharply, with a 55% increase for petrol and 103.3% for diesel. During the same period, retail prices increased by 21.4 cents per litre for petrol and 45.3 cents for diesel.
He noted that price reductions are not passed on instantly, as fuel already in the market has been purchased at earlier, higher costs.
Price differences reflect market competition
Data from the Fuel Price Observatory show that the average price of 95-octane petrol currently stands at €1.528 per litre, ranging from €1.444 to €1.599. Diesel averages €1.863 per litre, with prices between €1.747 and €1.929.
Despite recent tax reductions, price increases have offset much of the benefit, with petrol now about 6.5 cents per litre cheaper and diesel 5.6 cents lower compared to pre-tax cut levels.
Karagiorgis said price differences of up to 16–18 cents between stations are expected in a liberalised market, reflecting varying pricing strategies.
He urged consumers to compare prices and choose the cheapest options, noting that such variations indicate that competition is functioning.
Source: CNA