Cost-of-living pressures are increasing in Cyprus as fuel prices rise again, with the market expecting higher energy costs to be passed on to goods and services in the coming weeks, according to Phileleftheros.
Diesel has risen above €2 per litre, 95-octane petrol is at around €1.70 per litre, while heating oil has reached €1.565 per litre, described as a new record high. Petrol station representatives say at least one company has already raised prices, while similar increases by other companies could follow shortly.
Electricity costs also remain under pressure, with the September rate at around €0.30 per kilowatt-hour, including VAT.
The increases are attributed to worsening conditions in international energy markets, higher transport costs and tight supply, particularly in the European petroleum products market. The Cyprus Consumers Association estimates that recent increases in energy costs will begin to affect retail prices and services more broadly from mid-October.
Electricity costs also remain under pressure, with the September rate at around €0.30 per kilowatt-hour, including VAT. The Electricity Authority of Cyprus (EAC) is monitoring international developments, but it remains unclear whether further increases will be needed from October.
Sources:Fileleftheros
