The competent bodies are approaching the course of fuel prices in Cyprus with reservations, through their statements to the Cyprus News Agency, despite the significant drop recorded in international oil prices, in the wake of the temporary ceasefire between the US and Iran.
As the President of the Cyprus Association of Gas Station Owners, Savvas Prokopiou, told CNA, fuel prices may decrease within the next 10-15 days, provided that the de-escalation in international markets is maintained. Expressing the assessment that decreases may occur, Mr. Prokopiou said that prices in Cyprus usually lag behind international developments, noting that "just as increases came in stages, decreases will also come in stages."
At the same time, fuel importing companies appear more cautious. The Executive Managing Director of the Cyprus Petroleum Company Petrolina, Dinos Lefkaritis, told CNA that it is not possible to make a safe prediction about the course of prices at this time. "There is no one who can predict what will happen tomorrow morning," he said, noting that geopolitical developments, especially in the Middle East, can overturn the data from one moment to the next.
The Consumer Protection Service of the Ministry of Energy, Trade and Industry is also moving along the same line, with the Director, Konstantinos Karagiorgis, stating to CNA that a stabilization of prices is expected after the decrease recorded internationally. However, as he said, it is "too early" to draw safe conclusions, as everything depends on geopolitical developments.
Internationally, US President Donald Trump's announcement of a week-long ceasefire with Iran, conditional on the lifting of the blockade on the Strait of Hormuz, appears to have boosted optimism in energy markets. However, in Cyprus, the relevant bodies appear more restrained, pointing out that there needs to be stability in international flows and a clearer picture of the situation in the Middle East before there can be any substantial relief for consumers.
Source: KYPE
