Cyprus Fuel Prices Climb as Subsidy Ends
In a recent turn of events, motorists in Cyprus are facing steeper costs at the pump. The government’s decision to cease its fuel tax subsidy has led to a noticeable uptick in petrol prices across the island. As of April 1, 95-octane petrol prices have surged by an average of 8.3 cents per litre, impacting budgets of individuals and businesses alike.
The Cyprus Consumers Association has been closely monitoring the situation, revealing that the price hikes are not uniform across the districts. Limassol bore the brunt of the increase, with petrol prices jumping by 9.2 cents. Nicosia was a close second at 9.1 cents, and Famagusta saw an 8.7 cent rise. Larnaca’s petrol prices went up by the average rate of 8.3 cents, while Paphos experienced the smallest increase at 8 cents.
Capital city dwellers now face a range of prices for petrol, from €1.37 to €1.55 per litre, signaling a significant variation for consumers choosing where to fill up their tanks.
It’s not just petrol users who are feeling the pinch; diesel fuel prices have also escalated. Limassol again leads with an 8.4 cent increase, matched by Nicosia, while Larnaca sees a slightly higher rise at 8.5 cents. Diesel prices in Famagusta have gone up by 7.3 cents and Paphos by 7.6 cents, with Limassol presenting the largest disparity in diesel costs, ranging from €1.51 to €1.63 per litre.
This development is set to impact a broad spectrum of economic activities, as transportation costs are intricately linked with the pricing of goods and services. The removal of the fuel tax subsidy is a reminder of the delicate balance between government policy and the cost of living for citizens.
