Typos

New Fuel Price Increases Expected in Cyprus - Petrol Station Owners Discuss Price Cap

Published March 20, 2026, 12:21
New Fuel Price Increases Expected in Cyprus - Petrol Station Owners Discuss Price Cap

A slight increase in fuel prices is expected in Cyprus, according to the President of the Pan-Cypriot Association of Petrol Station Owners, Savvas Prokopiou. The increases have been gradual over the past 20 days and are estimated to reach an additional 5 to 6 cents. The issue of prices is being examined by the Consumer Protection Service and fuel importing companies. Mr. Prokopiou emphasized that Cyprus has approximately 90 days' worth of fuel reserves, ruling out the possibility of shortages. He believes that any potential problem with reserves would be global, not just Cypriot. Regarding government intervention, fuel subsidies, as implemented in 2022, are proposed. Implementing a price cap is considered difficult, as a previous attempt failed. For a price cap to work, it should start at the wholesale price, with importing companies accepting lower profits. Furthermore, Mr. Prokopiou mentioned that the state benefits from increased VAT revenue due to rising fuel prices and could partially subsidize fuel. Finally, he assured that no cases of profiteering have been observed among petrol station owners, while the Consumer Protection Service handles such issues.