The fluctuations observed in international oil prices are continuous and as long as the war continues, no one can accurately predict how far they will go, the President of the Pancyprian Association of Gas Station Owners, Savvas Prokopiou, told CNA.
"At this stage, the upward trend continues," he said, noting that stability is not expected if there is no conclusion to what will happen with the war in the Middle East. "Prices on the world market are constantly changing from one announcement to another. We cannot draw conclusions. For now, a little more upward trend is expected," he said.
Asked about the formula for linking the international price of oil and prices at Cypriot gas stations, he said that they do not have this formula themselves. He added that when in 2022 the price of a barrel was at $120, the price of diesel in Cyprus reached €2 per liter. Correspondingly, the price of 95 gasoline reached €1,80. “We expect a smoother situation if the price of a barrel is maintained below $100,” he said.
He noted that the Consumer Protection Service is responsible for monitoring and determining where prices are set. “The inspections are more commentarial at this time,” he said, and called for “pressure on companies” to move to lower price levels.
Moreover, the President of the Gas Station Owners Association expressed the hope that the Government will view positively the "universal", as he said, request for a reduction in the fuel tax, among the measures it will consider to mitigate the economic consequences of the war on households. "With the intervention of the state, we hope that things will be better," he said.
Source: KYPE
