Retail fuel prices in Cyprus have begun to edge down, falling by an average of 2 to 3 cents per liter as global oil markets stabilize, industry and government officials said.
Christodoulos Christodoulou, spokesman for the Petrol Station Owners Association, said consumers have seen initial drops in the price of unleaded 95 and 98 gasoline, while heating oil has also started to slip. In mid-November, heating oil averaged 1.580 euros per liter, unleaded 95 averaged 1.675 euros and diesel stood at 1.997 euros.
Officials attributed the relief to calmer international markets and lower global benchmarks. Brent crude recently traded near $93 a barrel. Konstantinos Karagiorgis, director of the Consumer Protection Service, said Platts international benchmark prices for gasoline, diesel and heating oil have fallen significantly from September and October.
Retail prices in Cyprus typically lag global moves by about two weeks because of the timing of shipments. Officials expect prices to keep falling over the next fortnight.
Retailers warned that the reductions are still too small to ease the financial strain on households. Consumers are cutting back on travel and fuel purchases, and some households are delaying heating oil orders in hopes of further price cuts.
