Consumers in Cyprus may soon witness a further reduction in fuel prices, potentially by 8.3 cents per liter. This expectation aligns with the Consumer Protection Service's assessments within the Ministry of Commerce due to the de-escalation of Platts pricing.

Konstantinos Karagiorgis, the Director of the Service, speaking to Brief, noted that there has been a noticeable decrease in the refined fuel prices (Platts) which oil companies in Cyprus purchase. If this trend continues amidst the usual fuel price fluctuations, it is likely to result in a downward effect on the prices of motor fuels. However, it is currently impossible to predict the extent of this reduction.

At the same time, when asked by Brief to comment on the Consumer Protection Service's estimates, Savvas Prokopiou, President of the Petrol Station Owners Association, mentioned that these decreases might be calculated in the coming days. It's important to note that oil companies acquire refined fuels biweekly, but sometimes price variations are offset in the orders, thus reductions may occur before the new shipments are received.

It is worth reminding that the Plenary of the Parliament reviewed and unanimously passed an urgent law to reduce the special consumption tax rates on fuels on Thursday.

The measures concerning motor fuels will be effective from November 3, 2023, to March 3, 2024, and for heating oil from November 15, 2023, to March 31, 2024. Specifically, with the new decision, motor fuel prices are reduced by 8.33 cents per liter and heating oil by 6.39 cents per liter.

A reminder is due that since the abolished reduced special tax in July 2023, prices had increased by 18-19 cents per liter for gasoline and by 20-21 cents per liter for diesel.