Fuel prices decrease less than expected

Fuel prices saw a marginal decrease over the past week, contrary to expectations that accompanied the reduction in the consumption tax rates for motor fuels.

The reduced tax rates, effective until February for motor fuels and until March for heating oil, were anticipated to result in more considerable price reductions.

Under the measure, consumers benefit from a reduction of 8.33 cents per litre in the prices of unleaded petrol and diesel, along with a 6.33 cents per litre for heating oil.

According to the latest data from the European Union (EU), the price of 95 octane unleaded petrol in Cyprus on January 8 was €1,339.69, reflecting a decrease of 0.29 per cent from the average price a week earlier.

Similarly, the average diesel price decreased by 0.47 per cent, falling from €1,462.31 to €1,455.9.

Heating oil prices also witnessed a decline, registering a decrease of 0.46 per cent, with the latest price at €1,072.44.

However, the average prices in the Eurozone showed a different trend. The average price for 95 octane unleaded petrol increased by 0.40 per cent, while the average diesel price experienced a small decline of 0.060 per cent. The average price of heating oil recorded an increase of 0.71 per cent.

According to the EU data, Cyprus is the second cheapest country in the Eurozone for 95 octane unleaded petrol. Malta takes the top spot with an average sale price of €1,340.

The countries with the highest selling prices were Denmark, the Netherlands (€1,904) and Greece (€1,824).