The Cyprus Commission for the Protection of Competition (CPC) is conducting a sectoral investigation into fuel prices, CPC President Eva Pantzari revealed during a parliamentary committee session on Wednesday.

The session, convened by the Parliamentary Committee on Institutions, examined the CPC’s role and ongoing investigations. Pantzari stated that the CPC is conducting four ex officio investigations, including one into fuel prices launched on December 18, 2024.

The ongoing investigation into fuel pricing practices sparked heated debate. Christodoulos Christodoulou, representing the Fuel Station Owners Association, criticized the CPC for rejecting a complaint regarding fuel pricing and demanded an explanation. Marios Drousiotis, President of the Cyprus Consumers Association, also called for a deeper investigation, citing evidence of unhealthy competition in the fuel market.

Pantzari explained that the CPC requires accurate data to proceed with investigations and emphasized the importance of proper documentation for actionable outcomes.

Parliamentarians raised concerns over the concentration of healthcare facilities under a single owner in Nicosia, with CPC data showing the acquiring company now holds 18% of hospital beds. Pantzari reassured members that the CPC does not foresee monopolistic behavior in this case, as the public health organization (OKYPY) controls 60% of hospital beds.

The committee also discussed allegations of anti-competitive practices in Cyprus’s banking sector. CPC member Aris Aristidou noted that the Bank of Cyprus and Hellenic Bank control approximately 80% of the banking sector’s turnover.

AKEL MP Andreas Pasiourtidis criticized the lack of substantial CPC action, urging investigations into high bank charges and advertisements for insurance products via bank websites. Aristidou revealed that a complaint on bank charges, submitted 2.5 years ago, is still under review.

Parliamentarians called for greater CPC engagement in tackling monopolistic and anti-competitive practices. DISY MP Dimitris Demetriou highlighted the need for the CPC to act as a “watchdog” for consumer trust, urging proactive investigations and decisive action. Pantzari responded, citing limited resources, with only 17 staff members handling a high workload.

The CPC collected fines totaling €5.5 million in 2023 and €2 million in 2024, Pantzari noted. She emphasized that the CPC’s operations remain bound by its legal mandate and that certain decisions, such as one concerning fuel pricing, are currently under judicial review.

Pantzari confirmed the CPC is examining a variety of allegations and remains committed to ensuring fair competition across sectors. However, critics stressed the need for greater efficiency and transparency in addressing public concerns.