Cyprus Witnesses a Surge in Petroleum Product Sales
In a recent development that signals economic activity, Cyprus has reported a significant uptick in the sales of petroleum products. The latest figures from the Cyprus Statistical Service (Cystat) show a 7.1 per cent increase in total sales for the month of February, reaching 115,421 tons. This rise is in comparison to the same period last year, indicating a robust growth trajectory for the sector.
The detailed report sheds light on various segments within the petroleum market. Notably, there has been a substantial increase in the supply of oil to ships, which saw a remarkable 48.2 per cent jump. Similarly, aircraft fuel supply rose by 8.7 per cent. The construction and transport sectors also reflected positive momentum with asphalt sales soaring by 62.9 per cent, and both heavy and light fuel oil sales climbing by 46.1 per cent and 15.2 per cent respectively. Gasoline and diesel were not far behind, registering increases of 9.5 per cent and 9.3 per cent.
However, the news wasn’t positive across the board. Some products experienced a downturn, with kerosene sales dropping by 34.5 per cent, heating oil by 24 per cent, and liquefied petroleum gas by 12.6 per cent. Despite these declines, petroleum stations across Cyprus saw a boost in sales amounting to a 4.2 per cent increase, totaling 55,909 tons.
When comparing month-to-month data, February 2024 also outperformed January with a 5.2 per cent rise in total petroleum product sales. This monthly comparison revealed an interesting trend; while diesel and gasoline sales increased by 3.8 per cent and 1.6 per cent respectively, oil supplies to aircraft took a slight dip, decreasing by 4.9 per cent.
The report concluded with an overview of stock levels, noting that total petroleum product stocks at the end of February 2024 fell by 13.4 per cent compared to the end of January 2024. This decline in stocks could be indicative of higher consumption rates or adjustments in supply chain management strategies.
Overall, the petroleum sector in Cyprus is showing signs of dynamic growth, with significant increases in several key areas despite some setbacks. This performance is a positive indicator for the Cypriot economy as it continues to navigate through the complexities of global energy markets.