Based on the monitoring carried out by the Consumer Protection Service, to date no phenomena of unjustified increases in fuel have been observed, the Director of the Consumer Protection Service, Konstantinos Karagiorgis, told CNA, reiterating that Cyprus is ranked among the cheapest countries in Europe in terms of fuel.
Asked to comment on reports by the Cyprus Consumers Association about increases at 22 gas stations without their company having announced a relevant increase, Mr. Karagiorgis said that "the Consumer Protection Service has an institutional role in monitoring fuel prices based on the relevant legislation, which systematically and daily monitors price fluctuations."
He added that in the event that phenomena of higher prices than are justified are observed, based on what the relevant legislation provides, the Service will make the relevant recommendations to the Minister and the appropriate measures will be taken.
He noted that "we do not comment on statements by anyone who does not have a complete picture of market data and likes to create impressions in the world, at a time when the world is already suffering due to the huge increases that have occurred."
Mr. Karagiorgis pointed out that Cyprus ranks among the countries with the lowest prices in Europe in the fuel sector, while noting that the crisis still exists and is being discussed at the level of European leaders, in order to address the huge increase in fuel prices due to the war.
According to data he provided to CNA, it appears that according to the European average prices for 2026, Cyprus is the third cheapest country in terms of the price of 95 octane gasoline and the fifth cheapest in terms of diesel.
Asked to comment on the fact that in the last week, international oil prices have fallen below $100 per barrel, without observing a corresponding decrease in prices at gas stations, Mr. Karagiorgis pointed out that fuel prices (at gas stations) are determined by refinery prices and not by the international selling price of crude oil.
According to data from the Consumer Protection Service, between February and April, the refinery price (Platts) for 95 gasoline recorded an increase of 55%, while for diesel fuel, 103,3%.
Correspondingly, for the same period, prices at gas stations recorded an increase of 21,4 cents per liter for 95 gasoline and 45,3 cents per liter for diesel.
"We are monitoring refinery prices and cargoes coming to Cyprus. If we see that market prices are not justified, we will intervene," he said, also noting that the reductions are not carried over from one day to the next.
According to the Fuel Price Observatory, today the average price of 95 gasoline is €1,528 per liter, with the cheapest being €1,444 and the most expensive at €1,599. Correspondingly, the average price of diesel is €1,863, with the cheapest being €1,747 and the most expensive at €1,929.
Comparing the average prices today and before the reduction in consumption tax, which corresponded to 8,33 cents, a decrease of 6,5 cents per liter is observed in gasoline 95 and a decrease of 5,6 cents per liter in diesel, as the increases have limited the impact of the measure.
Furthermore, when asked why there could be a difference of 16 and 18 cents respectively between the cheapest and most expensive gas stations, Mr. Karagiorgis said that "the market is free and that is why there are huge fluctuations between gas stations." He explained that each gas station has its own pricing policy, noting that the fluctuation shows that competition is working. "We call on consumers to choose the gas stations with the cheapest prices," he concluded.
Source: KYPE
