18/10/2002 14:34
-Fuel prices remain unchanged
According to the introductory report of the Ministry of Commerce submitted to the Parliament along with the relevant regulations, “no differentiation in fuel prices is to take place since for the period between January to September 2002 it is estimated that fuel companies had a surplus of CYP 600.000”.
With reference to the Ministry of Commerce data, the international price of crude oil (for the period between September 1 and October 15, 2002) has reached 28.6 dollars per barrel. Therefore with the exchange rate between US dollars and Cyprus pounds being at 1.71 the price of “Brent” crude oil is CYP 16.7 per barrel.
The Ministry of Commerce estimates that “if existing international prices remain at the same levels until the end of the year, the aforementioned surplus will be wiped out and a deficit of 3.1 million pounds will arise”. However, the Ministry points out that a Middle-East crisis will raise the possibility of a fuel price increase, derived from an international price increase in crude oil.
According to the existing legislation and until the price release on October 1 2003, the Ministry must submit to the Parliament all the relevant regulations, so that the fuel price will be re-assessed in accordance with the crude oil price worldwide and the exchange rate of Cyprus pound against the US dollar.
The price release on October 1 2003, will lead all fuel companies to form their own retail prices, while the Cabinet has decided that the gradual implementation of the price release will commence on January 1 2003.
According to the introductory report of the Ministry of Commerce submitted to the Parliament along with the relevant regulations, “no differentiation in fuel prices is to take place since for the period between January to September 2002 it is estimated that fuel companies had a surplus of CYP 600.000”.
With reference to the Ministry of Commerce data, the international price of crude oil (for the period between September 1 and October 15, 2002) has reached 28.6 dollars per barrel. Therefore with the exchange rate between US dollars and Cyprus pounds being at 1.71 the price of “Brent” crude oil is CYP 16.7 per barrel.
The Ministry of Commerce estimates that “if existing international prices remain at the same levels until the end of the year, the aforementioned surplus will be wiped out and a deficit of 3.1 million pounds will arise”. However, the Ministry points out that a Middle-East crisis will raise the possibility of a fuel price increase, derived from an international price increase in crude oil.
According to the existing legislation and until the price release on October 1 2003, the Ministry must submit to the Parliament all the relevant regulations, so that the fuel price will be re-assessed in accordance with the crude oil price worldwide and the exchange rate of Cyprus pound against the US dollar.
The price release on October 1 2003, will lead all fuel companies to form their own retail prices, while the Cabinet has decided that the gradual implementation of the price release will commence on January 1 2003.
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