Record increases in fuel & electricity prices

The president of the Fuel Station Owner Association Stefanos Stefanou said that the prices of fuel have increased by 33% in just one year and that for the first time the price of diesel surpassed the one of petrol. Heating diesel price increased above 1 euro per litre for the first time and the price of 95 octane petrol is currently being sold around 1.24 euro per litre.

In the meantime because Cyprus electricity production is nearly 100% dependent on oil, electricity prices are on hike as well. Electricity Authority of Cyprus says that its not their fault, blaming the government for not making arrangements for importing natural gas on time. EAC’s spokesman stated that as long as the arrival of natural gas to Cyprus is being delayed there is no way for the prices of electricity to go down.