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The price of petrol globally is falling, in Cyprus prices remain the same


AKEL MP Kostas Kosta on the very high fuel prices

1 December 2021, AKEL C.C. Press Office, Nicosia

For more than a week now, the international price of petrol has fallen by 10%, with the result that the price per barrel has fallen from 85 to 70 dollars. As usual in Cyprus fuel prices remain the same, that is, very high and without being reduced. We recall that at a meeting of the Parliamentary Energy Committee in 2019, the Assistant Auditor General had reported that one cent increase in prices per year brings additional profits of around €8m to the companies.

Once again, we pose the following questions to the government:

  • Under the previous government, the price of petrol internationally had risen to $140 a barrel and the price of 95-octane unleaded petrol in Cyprus had risen to €1.40 per litre. How is it possible that today, when the price of petrol internationally stands at USD 70 per barrel, the price of unleaded in Cyprus can reach up to €1.38 per litre and indeed after a 5 cent reduction in consumer tax?
  • Why does the Anastasiades-DISY government continue the unacceptable imposition of VAT and consumer tax?
  • Why does it not promote LNG, with incentives such as subsidies for the installation of systems, to give citizens the opportunity to obtain cheaper fuel, with a consumption tax of only 7 cents per litre and not 44 cents imposed on petrol and diesel?
  • Why has it never made use of the decree setting a maximum retail price (ceiling), even though the loopholes in the procedure have now been closed and new criteria have been established?
  • Why does it not exercise control over companies profiteering to see whether they are indeed profiteering and present us with the results of the investigation, as we as a Party have repeatedly requested?

As a Party, we will never tire of pointing out that there are solutions that we are constantly proposing, but the government does not have the political will to protect citizens from profiteering and companies from making huge profits.


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