Fuel Price Dynamics Post-Subsidy Abolition
In the wake of the subsidy removal, the provinces of Cyprus have reported varied increases in fuel prices. Notably, the average price of 95 octane petrol has seen an uptick, with Limassol experiencing the most significant rise. The data, released by the Cyprus Consumers’ Association, indicates that the average price in Limassol surged by 9.2 cents, surpassing the subsidy figure of 8.3 cents that was in place until April 1st.
Nicosia and Famagusta were not far behind, with their average prices for 95 octane petrol climbing by 9.1 cents and 8.7 cents, respectively. This contrasted with Paphos, where the increase was a mere 8 cents, slightly below the previous subsidy amount.
Interestingly, Larnaca’s average price hike for 95 octane petrol aligned exactly with the abolished subsidy, at 8.3 cents. Nicosia, on the other hand, presented a notable disparity in petrol prices across different stations, with the cost per litre ranging from 1.375 euros to an elevated 1.558 euros.
The diesel market also reflected a similar pattern of price increments post-subsidy. Limassol once again led with an increase of 8.6 cents in the average price of diesel. Larnaca and Nicosia followed closely with rises of 8.5 cents and 8.4 cents, respectively. In contrast, Famagusta and Paphos provinces saw more modest increases of 7.3 cents and 7.6 cents, respectively.
Limassol not only had the highest surge in diesel prices but also exhibited the greatest variation among its petrol stations, with diesel prices fluctuating between 1.517 euros and 1.639 euros per litre.
These price variations across Cyprus highlight the immediate impact of the subsidy’s abolition on fuel costs and underscore the diverse pricing strategies adopted by provincial petrol stations in response to changing market conditions.