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Ice Cream, Holidays And Hotels Cost More In June

by THEFUTURE.TEAM

July 8, 2024

The prices of “summer” products specifically ice creams, package holidays and hotels went up in June, compared to the previous month, according to data released by the Cyprus Consumers Association, based on the Consumer Price Index.

According to the data, the price of organised domestic holidays has increased by 11.8%. At the same time, ice creams are 8.07% more expensive, while hotels’ prices have also increased by 7.76% compared to May.

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Compared to May 2024, an increase was also recorded in the price of dried, salted and smoked meat by 5.09%, yoghurt by 3.75%, food processing equipment by 3.5% and fresh fruit by 3.44%.

On the contrary, compared to May, in June the price of sewerage services decreased by 10.4%, the price of subscription to TV stations dropped by 10.06%, while the price of fresh vegetables, excluding potatoes and other bulbs, decreased by 9.12% and vegetables by 7.07%.

Compared to June 2023, in June 2024 the price of olive oil continued to register a large increase by 63.09%, passenger transport went down by 16.54%, fresh fruit by 15.42% and fruit by 12.87%.

A significant decrease, compared to last year, was recorded in the price of sugar, by 20.44% in June 2024. Garden furniture is also cheaper this June by 13.72%, while the price of butter decreased by 10.42%.

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Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.