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‘Highest pump prices ever recorded in Cyprus’
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The Consumers Association said prices had risen 6.2 per cent over the last two weeks and would rise further as of next week when VAT goes up MORE bad news for consumers as fuel prices rose this week to record levels with more hikes coming as a VAT increase kicks in on March 1.
Chairman of the petrol station owners’ association said the current price is the highest he can remember petrol ever costing in Cyprus.
“The new rises are due to external factors. Consumers cannot take the continuous fuel hikes any more. They are the highest pump prices ever recorded in Cyprus. The price of fuel will rise even more in the next months; they have already gone up three times the last month,” said Stefanos Stefanou, chairman of the petrol station owners’ association.
The Consumers Association said prices had risen 6.2 per cent over the last two weeks and would rise further as of next week when VAT goes up. Pump prices started rising Monday, depending on the company, and now range between €1.302 and €1.305 for a litre of unleaded petrol 95. -- unleaded 98 starts at around €1.350 and diesel at €1.33. Heating fuel has also gone up, starting at around €1.05.
“They are among the highest [prices], as far as I can remember,” said Stefanou.
According to statistics obtained from the EU, the average price of unleaded 95 in Cyprus in February 2011 was €1.214. A litre of unleaded 95 cost motorists around €0.961 in February 2010 and €0.769 the previous year.
The price per litre of unleaded 95 sans VAT is €1.110, according to the EU’s energy portal.
So far, the island’s prices are below the EU average of €1.519 – €1.256 without VAT. But consumers already suffering the effects of the economic downturn sweeping the island can only look forward to even higher fuel prices as a two percentage point increase in VAT, to 17 per cent, comes into effect in March.
“It is a constant increase in everything,” said Phryne Michael, chairwoman of the consumer association. “From a price comparison we have done it means fuel has gone up around 6.2 per cent in 14 days.”
Higher fuel costs also means higher electricity prices. Cypriot consumers are already reeling from the high cost of electricity, which, apart from the fuel price fluctuations, also includes a 6.96 surcharge to cover the effects of a blast which crippled the island’s main power station last July.
That too is set to go up in March when the new VAT rate takes effect. Water prices are also to go up within months.
Michael said her outfit has demanded from the trade and industry ministry to inform the public whether the fresh fuel rise is “reasonable and justified.”
Companies say the rise is due to the rise in the price of crude, affected by the ongoing spat over Iran’s nuclear program and higher demand in Asia.
The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear programme, which the West says is aimed at building bombs. Iran denies this.
In response, Iran announced on Sunday it has stopped selling crude to British and French companies.
