High International Fuel Prices: Consumer Protection Service Closely Monitors the Market

The Consumer Protection Service (CPS) is closely monitoring the fuel market due to high international prices, which are approximately 70% higher than normal levels since the start of the war. According to Senior Officer of the CPS, Andreas Christou, Cyprus is significantly affected due to its dependence on fuel imports. The CPS is examining all data from the supply chain in detail to ensure transparency and take informed measures if necessary. The Service is considering the possibility of applying a zero VAT rate to LPG, but the final decision is made by the Council of Ministers. The market is monitored continuously, with the aim of ensuring stability and protecting consumers from international disruptions. Cyprus, as an import-dependent country, is particularly vulnerable to fluctuations in international prices. The CPS analyzes every parameter affecting fuel prices, from production costs to the profit margins of importers and gas stations. Ensuring transparency and preventing unfair practices are key priorities of the Service. The situation in the fuel market remains fluid and requires constant vigilance. The Consumer Protection Service is committed to protecting consumers from the effects of the energy crisis and ensuring that fuel prices are fair and reasonable.