Retail fuel prices in Cyprus by province show large differences, reports the Cyprus Consumers Association.
The Association's announcement on retail fuel prices 2021 – 2024, states that there are large discrepancies between the provinces. In particular, he notes that in the province of Nicosia there is a very large discrepancy between the highest and the lowest price. The deviation on 06 06 2024 was 14 cents per litre, on the same day in 2023 the deviation was 11,6 cents per liter and in 2021 the deviation was 11,80 cents per litre.
For 2022, the biggest difference between the highest and the lowest price was in Limassol, which was 15,3 cents per liter, while the province of Famagusta consistently over the last 4 years has the smallest difference between the highest and the lowest price, reports the Link.
He adds that Nicosia had the highest retail prices for the years 2024 and 2023 and Limassol for the years 2022 and 2021, while Nicosia generally had the lowest prices for all four years, except for one case in diesel in 2022 when Limassol province had the lowest price. The province of Paphos consistently has the highest average price in all four years.
In conclusion, the Association notes that, at least in the province of Nicosia, healthy competition does not seem to be working and clarifies that the average profit margin granted by oil import companies to retail stations is 6-6,5 cents per liter. "In conditions of healthy competition, there cannot be a price deviation of up to 14 cents per liter," he adds.
He also states that the argument that large price differences are a sign of healthy and intense competition, in the current case of retail oil prices, does not seem to be true.
"There is a different pricing policy in each province separately. This should be studied in order to clarify the reasons for the different pricing policy between the provinces", concludes the Association.
