The Cyprus Consumers' Association identifies very large reductions in fuel prices for the month of March, both for petrol 95 and for diesel and heating oil.
According to a relevant announcement, March 2020 is characterized by very large reductions in the price of gasoline 95, diesel and heating oil. Specifically, taking into account the reductions during March 2020, compared to the end of February 2020, there was a decrease in gasoline 95 by 14,9 cents per liter, in diesel by 10,1 cents and in heating oil by 6,4 cents. cents per liter.
At this point, it is noted that the assessment of the Cyprus Consumers Association is that the reductions reported for March do not reflect the large reductions in international crude oil prices. In addition, the Association estimates that the reductions observed in March were delayed in reaching Cyprus. They had to start earlier.
Also, in March 2020, the average retail price of gasoline 95 in the European Union, with taxes was 1,330 cents per liter and in Cyprus 1,158 cents. Motor oil in the EU was 1,224 cents per liter and in Cyprus 1,207 cents. Heating oil in the EU was 0,696 cents and in Cyprus 0,771 cents.
It was recorded at this point that retail prices with taxes on petrol 95 and diesel are lower than the European Union average of retail prices. This points to the conclusion that the tax in Cyprus of 95 petrol and diesel is lower than the average tax in the European Union.
However, the average price of Cyprus for heating oil in March is significantly higher than the average price of heating oil in the European Union. However, this does NOT seem to be due to the taxation in Cyprus, but to the import prices of heating oil in Cyprus.
During the same month, the average retail price of 95 petrol in the European Union, excluding taxes, was 0,489 cents per liter and in Cyprus 0,534 cents. Diesel-free diesel in the EU was 0,550 cents per liter and in Cyprus 0,603 cents. Heating oil in the EU was 0,450 cents and in Cyprus 0,562 cents.
It was therefore observed that in February 2020, we imported on average 95 petrol cents 4,5 cents more than the average price in the European Union and heating oil was imported 5,3 cents per liter more than the average price in the European Union. Join. Heating oil was imported at 11,2 cents per liter less than the European Union average.
According to the Association, the significant discrepancies in the average price of all fuel without taxes in Cyprus compared to the average prices in the European Union, are difficult to explain effectively due to the lack of additional data and information, while solutions to the problem may be provided by the Consumer Protection Service which monitors import prices.
Also, a decrease in retail prices after taxes of Cyprus and the European Union was recorded from 01 01 2020 to 31 03 2020.
According to the Association, the retail price of 95 petrol in Cyprus decreased by 12,7 cents per liter and in the European Union 18,7 cents, while diesel in Cyprus decreased by 12,8 cents per liter and in the European Union by 22 cents per liter. The reduction in the price of heating oil is about the same. The comparison concerns the period January-March 2020.
According to the Association, the retail price of 95 petrol in Cyprus decreased by 12,7 cents per liter and in the European Union 18,7 cents, while diesel in Cyprus decreased by 12,8 cents per liter and in the European Union by 22 cents per liter. The reduction in the price of heating oil is about the same. The comparison concerns the period January-March 2020.
Source: economytoday