Fire in fuel prices in 2020

A cap of up to 6 cents per liter is expected to be added to fuel prices by 2020, regardless of international oil prices, in an effort to meet the Republic of Cyprus's obligation to Brussels to meet the 10% energy target in Renewable Energy Energy sources.

Today Cyprus seems to cover 5% and now consumers are being asked to shoulder the cost of several million euros with an increase in the price of petrol and diesel. It is proposed increases by 2-3 cents per liter in the price of gasoline and 5-6 per liter in the price of diesel, to which taxes will be added.

By decree of the Minister of Energy published in yesterday's issue of the official newspaper of the Republic of Cyprus, the target of biofuel penetration has been passed on to the oil companies. Specifically, suppliers have an obligation to mix biofuels in conventional fuels of 7,3% of the total energy content of diesel on the market by the end of 2020.

Due to the hot climate of Cyprus, it is considered that any further use of biofuels in conventional fuels leads to substandard fuel. In an effort to avoid the imposition of a fine since it is considered impossible for the Republic to reach the target of 10%, processes are underway with the scenario of statistical transfer in transport to be considered the most economically optimal solution to achieve the objectives of transport.

The transport targets in 2030, which reach 14%, require large investments costing € 1,3 billion, but they will be difficult to achieve. Contributing to this is the negligible penetration of electricity in road transport, as well as the absence of measures to reduce car use.

Source: philenews