Petrol prices could rise next month

TRADE MINISTER Nicos Rolandis yesterday hinted there might be an increase in fuel prices as early as February.

Talking to reporters after a meeting with the directors of fuel companies, Rolandis said the companies were working at a loss and were putting pressure on the government to do something because they could not continue like this.

“The ministry estimates that the companies will have a loss of £21 million if the situation does not change,” he said.

“To solve this problem, only two things can be done. Increase prices, or deprive the government a part of taxation so prices would remain down, or a combination of the two,” Rolandis added.

He said he had informed the President about the situation, even if he could have taken a decision without doing so.

Rolandis told reporters he wanted to table the issue at a Cabinet meeting, but that had to wait until mid February when Clerides returns from proximity talks in Geneva.

“I cannot see it dragging on beyond mid-February because the companies started having problems paying the refinery,” he said.

The chairman of the Fuel Companies, Takis Lefkaritis, expressed the hope crude oil prices would fall.

The companies had a large deficit and are trying to find a solution with the Trade Ministry, he said.

Lefkaritis said the companies incurred a loss of £2 million every month, and added they would wait for the cabinet to work out a way for them to overcome this problem.

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