Cyprus’ Consumer Protection Service expects small reductions in fuel prices in the immediate period ahead, according to the service’s director, Constantinos Karagiorgis.
Karagiorgis said the service avoids making forecasts on fuel price movements, but monitors and processes international market data and import prices on a daily basis.
Based on the indications currently available, he said, “small reductions in fuel prices are expected, especially in diesel, in the immediate period ahead.”
He cautioned, however, that uncertainty and volatility remain in the international fuel market because of statements and developments linked to the war in Iran. This, he said, is causing constant fluctuations in both crude oil prices and refinery prices.
Karagiorgis added that the reductions in Platts prices recorded in recent days are expected to begin appearing in retail prices soon, particularly in diesel.
“As the competent authority for monitoring the market and prices, the service wishes to assure consumers that it is closely following developments and will not allow any practices that operate against consumers,” he said.
Source: CNA
