The article provides detailed statistics on changes in gas prices in Cyprus since the spring of 2022. International conflicts and global fossil fuel shortages have led to significant fluctuations in gas and gasoline prices in the EU. But how much did the price increase in the end?
Gas prices for transport
Gas prices for transport in Cyprus unanimously rocketed during the summer months of 2022, peaking on July 19th with Unleaded 95 at 1.828€/L, Unleaded 98 at 1.888€/L, and Diesel at 1.989€/L. From mid-March to mid-July, the numbers show an average of 30%, 28%, and 20% increase in prices of Unleaded 95, 98, and Diesel fuel, respectively.
Probably, everyone has noticed, that the prices for household gas had a pretty rapid incline during June this year. Over June and July, Diesel and Kerosene for household and heating use experienced 20% and 18% increases, respectively. This gas price rise correlates with Russia's start of implementing gas restrictions across Europe.
Kerosene and Diesel reached highs of 1,495 euros per litre and 1.519 euros per litre in July and remain in that high range today.
Gas prices across Cypriot cities
By comparing price averages from cities across Cyprus, one can see some differences between the stations nationwide. On the whole, the cities in Cyprus did not display any massive gas pricing differences between each other.
The more detailed view of the year shows that Nicosia's gas prices started and remained the cheapest of the five cities, even after the period of inflation. In total, Nicosia recorded the lowest increase (4%) in Unleaded 95 petrol prices from March 16th to October 16th.
Paphos and Famagusta recorded the highest increases in Unleaded 95 petrol prices from March 16th to October 16th (5% each).
Gas prices from different petrol station brands in Cyprus
The graph shows data on the prices of Unleaded 95 petrol on October 31st, 2022, from 300 automotive gas stations across Cyprus. The highest petrol prices were recorded at two stations, one at EKO (Hellenic brand) and another at Petrolina (Cypriot brand), priced at 1.519 euros per litre.
The lowest rates were recorded at Fill'n'Go and EKO stations, at 1.404 euros per litre.
American brand Esso appears to have the most scattered collection of prices on the average-to-cheap end of the spectrum, with over 30 stations hovering between the range of 1.485 and 1.417 euros per litre.
Why are gas prices fluctuating?
1. The situation in Ukraine has affected the oil and gas supply to Europe as a whole. The sanctions put into effect by the EU as a result of the war prohibit the purchase, import, or transfer of crude oil and certain petroleum products from Russia to the EU. Furthermore, Russia's natural gas pipelines to Europe have been restricted at a rapid rate since June, with no sign of resurgence any time soon. A lack of dependable oil and gas supply has left EU countries with soaring energy and petrol prices.
2. The recent rise in the price of Brent crude oil has greatly affected rising petrol prices.
3. Official EU policy is enforcing changes to reduce gas consumption as part of the initiative to achieve net-zero emissions by 2050. Cyprus aims to reach net zero emissions by 2030.
4. A new natural gas field, "Aphrodite," has been discovered 160km south offshore of Limassol, Cyprus. The gas is not expected to be extracted until after 2027, but the new independent gas supply could be an upcoming factor for a change in gas prices in Cyprus.
All gas pricing data in this article are collected by DataSearch.
