Cyprus Witnesses a Surge in Petroleum Product Sales
In a recent development that signals a robust economic activity, the total sales of petroleum products in Cyprus reached 115,421 tons in February, showcasing a significant 7.1 per cent increase from the same month last year. This uptick was highlighted in a report by the Cyprus Statistical Service (Cystat), which provided a detailed breakdown of the petroleum sector’s performance.
The report indicated a substantial rise in various segments of the market. Notably, there was a 48.2 per cent surge in the supply of oil to ships and an 8.7 per cent increase for aircraft. The construction sector also saw a positive trend with asphalt sales soaring by 62.9 per cent. Energy sectors were not left behind, with heavy and light fuel oil sales climbing by 46.1 per cent and 15.2 per cent respectively. Consumer fuels such as gasoline and diesel also experienced growth, with sales up by 9.5 per cent and 9.3 per cent respectively.
However, it wasn’t all upward trends, as some products saw a decline in sales. Kerosene sales plummeted by 34.5 per cent, heating oil by 24 per cent, and liquefied petroleum gas by 12.6 per cent. Despite these decreases, sales from petroleum stations specifically increased by 4.2 per cent to 55,909 tons.
Comparing month-to-month figures, total petroleum product sales in February 2024 experienced a 5.2 per cent increase from January 2024. This included a rise in diesel and gasoline sales by 3.8 per cent and 1.6 per cent respectively, although oil supplies to aircraft slightly decreased by 4.9 per cent.
The report concluded with an observation that total petroleum product stocks at the end of February 2024 had decreased by 13.4 per cent compared to the end of January 2024, possibly indicating a higher turnover rate and robust demand within the sector.
