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Government dismisses AKEL's allegations on gas

25/08/2015 10:45
The government dismissed the main opposition AKEL's allegations regarding the prices of fuels in Cyprus.

Through an announcement, AKEL yesterday suggested that given the recent decline in the price of oil in the international markets and the fuel prices prevailing in the other European countries, fuel prices in Cyprus are higher by 10 to near 30 cents.

The ministry of energy responded by stating that on August 17, the unleaded petrol 95 was sold in Cyprus at an average of €1,28/ltr while the average in the 28 states of the European Union was €1,44/ltr adding that the lowest price stood at €1,14/ltr and the maximum at €1,61/ltr.

The above data is indeed confirmed by the EC's related official web site.

The ministry's statement also considers AKEL's comparison of changes in fuel prices to changes in the international oil prices as wrong.

It specifically points to the fact that while the price of oil on March 17, 2015 and July 24, 2015 was the same at €50/barrel, the international price of unleaded petrol 95 was at €526/metric ton and €556/ metric ton, respectively.

"As it is obvious, the changes in prices of distilled fuel which are imported in Cyprus do not always follow the changes in the price of crude oil (brent). Consequently, such a serious issue cannot be limited to a shallow analysis" the ministry states.

Stockwatch recently published an analysis according to which based on the change in the international price of crude oil since the beginning of 2014, the price of unleaded petrol 95 should be on August 17, 21 cents lower.