Another fuel price hike

CONSUMERS’ pockets will be feeling the strain yet again, as fuel companies and state funds reap the benefits of the recent increase in petrol prices by two cents.

Fuel company Lefkaritis Group (Petrolina, Lina and Agip) were the first to increase prices on Thursday, after receiving a new shipment at higher prices. Yesterday, Greek company EKO also increased their prices.

More specifically, fuel prices are expected to increase by two cents a litre and one cent for petrol. EKO will not be increasing the prices on kerosene and heating fuel, so consumers using kerosene in their homes need not worry.

Commerce, Industry and Tourism Minister Antonis Michaelides yesterday told the public there was no serious reason to worry about the increases.

He also mentioned that although the two companies had increased their prices, one had reduced them. “For this reason, the consumer has the power to choose where to purchase fuel from”, said the minister, though he didn’t provide the name of the company.

Michaelides warned that if in the future it emerged that prices were being fixed, then the ministry would have the right to intervene and take corrective measures, which will last for a period of 45 days. He specified, however, that at the moment there was no need for such measures.

Chairman of the Petrol Stations Pambinos Charalambous yesterday confirmed the two companies had increased their fuel prices, though he wasn’t sure whether the rest of the island’s companies would be following suit.

Internationally, petrol prices in Asian markets were yesterday priced at US$75, following the all-time record reached recently when New York Brent reached $75.40.

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