Petrol and Diesel Rise at Cyprus Pumps

Description:

Petrol and diesel prices in Cyprus have seen an increase of over 3 cents at the pumps this week accounting for a 16% rise over the last 3 months whilst international prices have fallen.
 

This is in the wake of a four year report by the Commission for the Protection of Competition (CPC) which accuses the four petrol companies in Cyprus of operating a "synchronized practice and without reaching the stage of an agreement they consciously replaced the risks of competition with a practice of cooperation between them" accounting to possible price fixing.

 
The four petrol companies which are Esso, Lukoil, Eko and Petrolina, now have less than a month to respond to the report before a hefty fine is imposed upon them.

 
The Cyprus Commerce Ministry's Permanent Secretary, Efstathios Hamboullas, wanted to reassure the public that the Price Observatory Body was closely monitoring the oil companies and if necessary, the minister would issue a price ceiling.
 

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