On Monday, the price of petrol in Cyprus fell by a further 1.3 cents per litre while the cost of heating fuel fell by an even more significant 4.3 cents per litre.

The new decreases bring the recommended sale price of 95 octane petrol to €1.135 per litre while 98 octane petrol will set you back €1.165 per litre. Heating fuel now costs €0.753 per litre some 27 cents per litre less than the €1.026 per litre charged this time last year.

The price of diesel has remained unchanged at €1.187 per litre as has kerosene at €0.844 per litre and agricultural diesel at €0.629 per litre.

All indications point to the drop continuing for the next fuel shipments, but probably at a slower rate.

Taxes including consumer tax and 19% VAT mean the prices cannot decrease as significantly as the value of Brent crude oil. For example, although the price of Brent crude oil fell from $115 in June 2014 to $50 now, 95 octane petrol now costs €1.135 per litre compared to €1.453 last summer, a drop of 32 cents.

Source: InCyprus