Fuel prices rising in Cyprus due to Middle East tensions

Fuel prices in Cyprus have experienced a marginal increase of 2 to 3 cents per liter over the past few days. Christodoulos Christodoulou, spokesperson for the Petrol Station Owners Association, attributed this trend to market volatility caused by ongoing conflicts in the Middle East. Global oil prices have seen significant fluctuations, with reports citing figures ranging from 93 to 118 dollars per barrel. Industry representatives warn that prices could climb further within the next 10 to 15 days, potentially impacting the broader economy if barrel costs exceed 100 dollars. Analysts have speculated that prices could reach as high as 150 dollars per barrel in a worst-case scenario. Despite these concerns, fuel companies have provided assurances that sufficient supplies are available for the coming days. Consumers have expressed anxiety regarding the impact of these rising costs on their cost of living. Local authorities and stakeholders are continuing to monitor international market developments closely. The full impact of current geopolitical tensions on domestic fuel retail prices is expected to become clearer by the end of this week or early next week.