Fuel prices could drop within the next 15 days

The ceasefire between Iran and the United States could result in a fuel price drop in the next 10 to 15 days, chairman of the petrol station owners Savvas Prokopiou said on Wednesday.

“Just as the increases came in stages, so too will the decreases,” he said.

Prokopiou underlined that this was under the condition that the deescalation in the international markets continued, saying that as of now, it looked like reductions are likely.

Meanwhile, the executive chairman of Petrolina, Dinos Lefkaritis expressed a more cautious view of the situation.

“No one can predict what will happen tomorrow morning,” he said.

He emphasised that it was currently impossible to forecast price trends, given that geopolitical developments could drastically change the situation at any moment.

Director of the Consumer Protection Service Constantinos Karagiorgis, for his part, said that prices were expected to stablise in view of the international price drop, but was careful to stress that it was too early to draw firm conclusions as the price development was dependent on politics.

Tuesday’s announcement of a ceasefire had boosted hopes that energy prices, which had in the recent weeks increased significantly due to the war between Iran and the US, would drop, with the truce hoped support a stabilisation of the market.