Fuel Price Hikes Unjustified – "Cool Heads Must Prevail"
The Consumer Protection Service of the Ministry of Energy and the Consumers Association Hold a Firm Stance – Statements to Ink – The Ministry of Energy Is Monitoring the Situation and Will Intervene if Necessary.
Any attempt by petroleum companies or gas station owners to increase fuel prices under the pretext of the reignited military crisis in the Middle East is entirely unjustified.
Constantinos Karagiorgis, Director of the Consumer Protection Service of the Ministry of Energy, boldly stated to INK that the Service is closely monitoring developments, keeping track of global crude oil price fluctuations, and checking the costs of the fuel shipments received by local companies.
"If the Service judges that any prices in the fuel market are unjustified, it will exercise all the rights granted to it by the relevant legislation," Mr. Karagiorgis emphasized.
He expressed hope that the reignited crisis in the Middle East will not escalate further, noting that it could otherwise halt the downward trend fuel prices have experienced recently in our country, which has had a positive impact on the economy.
Furthermore, Marios Drousiotis, President of the Cyprus Consumers Association, when asked by INK to comment on the matter, noted that it would be a huge mistake for station owners to rush and exploit a wartime crisis, which may prove to be isolated, in order to raise petroleum prices.
He noted that everything will depend on the pricing shaped when new fuel shipments arrive.
"If these shipments turn out to be more expensive, then the station owners will adjust their product pricing accordingly," he observed.
According to Mr. Drousiotis, a fuel price hike cannot be justified at the current stage.
"It is wise for everyone to show calmness so we can see whether the crisis expands or subsides," the President of the Consumers Association added.
He pointed out that while fuel price reductions are always delayed, hikes usually happen within a matter of hours.
"Unfortunately, current legislation gives gas station owners the right to increase their prices based on supply and demand," he stated.
The Consumers Association President indicated that to this day, there are gas stations that unfortunately failed to reduce fuel prices in accordance with the approved government subsidy, while another 97 stations only partially reduced them.
