Fuel prices in Cyprus could begin falling by the end of August if global oil prices continue to decline, according to the petrol station owners’ association.

Association spokesman Christodoulos Christodoulou said motorists are increasingly buying smaller amounts of fuel rather than filling their tanks. Some are also travelling to the north to buy cheaper petrol, which he described as a “very serious issue”.

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Since mid-July, petrol prices have risen by 12 cents per litre, diesel by 19 cents and heating fuel by 10 cents. Current average prices stand at €1.60 for unleaded 95, €1.79 for diesel and €1.49 for heating fuel.

Pump Prices Lag Behind Oil Markets

Although crude oil prices have fallen, the decline has not yet been reflected at petrol stations. Christodoulou suggested this could be because current pump prices are based on fuel shipments purchased when oil was trading at around $95-$97 a barrel.

“We anticipate decreases, provided that prices will stabilise downward,” he said.

New shipments usually arrive every two weeks, although the timing depends on importers. Based on that schedule, Christodoulou expects prices to start falling by the end of August.

Oil Prices Remain Sensitive To Hormuz Uncertainty

Brent crude was trading at around $85 per barrel on Monday, down from $79 three days earlier. The benchmark is widely used in pricing petrol, diesel and jet fuel.

Meanwhile, uncertainty surrounding the Strait of Hormuz continues to support oil prices. Iran and Oman have yet to finalise an agreement to reopen the strategic waterway, while conflicting signals from Tehran and Washington have raised doubts over how quickly a deal could be reached.