Fuel prices down in wake of oil price fall

FUEL prices in Cyprus have decreased since the beginning of 2007, following the worldwide decrease in the price of crude oil.

In the last 15 days, there has been a wave of decreases in prices in both heating fuel and in the cost of petrol. Heating fuel has come down by 5.3 per cent and petrol by 5.4 per cent. The price of petrol, which stood at 49.9 cents per litre at the beginning of the year is now down by nearly three cents to 47.2 cents. Heating fuel now stands at 42.5 cents a litre, down from 45 cents.

With a survey carried out by the Consumers’ Union released this week indicating increases in prices for many products and services in the last three years, consumers will be pleased to hear that fuel prices have finally come down, especially considering their knock-on impact on the prices of other goods.

International oil prices have reached their lowest in the last 20 months, as the US government has released information which demonstrates an increase in crude oil reserves in the States.
The price of crude oil has been on the slide since the record high of $78.40 in June 2006. Since then, it has decreased by a third and currently stands at $50.36 a barrel on the New York Stock Exchange.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.