Fuel prices in Cyprus expected to fall within the next 10 days

Fuel prices in Cyprus may fall in the coming days amid a drop in global oil prices. This was stated by the president of the Pancyprian Association of Petrol Station Owners, Savvas Prokopiou.

In a statement to KYPE, he noted that over the past few weeks the market has shown fluctuations: diesel prices have decreased slightly, while petrol, by contrast, has seen a modest increase.

According to Prokopiou, oil on the global market has recently become cheaper by around 10–15 dollars per barrel. However, the impact of these changes on domestic prices in Cyprus usually appears with a delay of 10–15 days — both when fuel prices fall and when the cost of crude rises.

«I believe that within the next 10 days we will see some reduction in prices in Cyprus, despite the recent fluctuations in global oil prices», — he said.

At the same time, the head of the association stressed that the market situation remains unstable. In his words, price trends can change quickly, and there is still no certainty about a long-term trend.

«Based on experience, one can expect a certain decline over the next 10 days, but the factors remain unstable: today there are positive signals, and tomorrow they may disappear», — Prokopiou added.

Thus, short-term forecasts point to a possible drop in fuel prices, but further developments will depend on the situation in the global oil market.