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Petrol Prices Rise Amid Middle East Unrest

petrol price cyprusCyprus petrol importers have raised the price of unleaded fuel by four cents per litre amid unrest in the Middle East and a civil war in Libya, said a spokesman for the association of petrol station owners.

"If the unrest in the Middle East continues, the price of petrol will keep going up," said Stefanos Stefanou in comments to public radio.

Three of the fuel importation companies have already raised their wholesale prices, and the fourth is expected to do so today.

Libya has stopped exporting oil amid fighting between anti-Gaddafi protestors and loyalists. According to the latest news reports from the country, Gaddafi still controls the capital Tripoli, but large areas of Libya in the east are now controlled by anti-governement forces.

Libya has the fifth largest oil reserves in the world.

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How Can the Government Improve the Economy?
By focusing on job creation
18%
By reducing interest rates in government-owned banks
0%
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