Rising fuel prices have changed consumer behaviour in Cyprus, with most motorists now avoiding filling their tanks completely. Petrol station operators expect prices to fall by the end of August, provided international oil prices stabilise at lower levels.
Fuel prices rise sharply
Christodoulos Christodoulou, Vice-President and spokesperson for the Petrol Station Owners’ Association, told CNA that motorists are increasingly limiting how much fuel they buy.
Since 17 July, the price of petrol has risen by 12 cents per litre, diesel by 19 cents and heating oil by 10 cents.
“These are very high increases,” Christodoulou said.
The average price of unleaded 95 petrol currently stands at around €1.60 per litre, while diesel costs approximately €1.79 and heating oil €1.49 per litre.
Reductions depend on new deliveries
Although international oil prices have recently fallen, Christodoulou explained that current retail prices may reflect shipments purchased when oil was trading at between $95 and $97 per barrel.
New deliveries will therefore need to arrive before reductions can be passed on to consumers.
“We expect reductions, provided the price stabilises at a lower level,” he said. Oil was trading at $84 per barrel on Monday, compared with $79 two or three days earlier.
Fuel companies generally receive new shipments about every 15 days. While the timing remains a matter for the companies, Christodoulou said that price reductions are expected by the end of August at the latest.
Motorists buy smaller amounts
Consumers have complained after seeing international oil prices fall while prices at petrol stations continue to rise, Christodoulou said. Petrol station operators have been explaining that the difference is linked to the cost of existing fuel stocks.
“Most consumers do not fill their cars. They may put in €20, €30 or €40 and return later. Very few fill their tanks,” he said.
Summer travel to beaches and mountain areas has led to a slight increase in traffic, but motorists remain cautious.
“People are not moving around as freely as before,” Christodoulou added.
He also said that higher prices were encouraging more motorists to purchase cheaper fuel in the north, describing the trend as a “very serious issue”.
Source: CNA.
