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Fuel prices In Cyprus Skyrocket To All-Time High

The prices of fuel in Cyprus have skyrocketed during the last hours, according to Stefanos Stefanou, president of the Association of Fuel Station Operators. 

Speaking to CBC Radio,  Mr Stefanou said that the prices of fuel in Cyprus right now are the highest-ever recorded on the island, adding that the prices are still rising.

Mr. Stefanou noted that fuel prices have increased three times during this month. Today the price of unleaded 95 octane reached 1 euro and 30 cents and 98 octane unleaded 1 euro and 35 cents. The price of diesel is 1 euro and 33 cents and heating oil around 1 euro.
Fuel prices are 12 to 13 cents more expensive than the same month one year ago.
In the last two days, oil prices have risen from 97 USD to 105 USD per barrel, reflecting supply-side fears that Iran may refuse to export oil to EU countries. However, current prices are on older stocks of petroleum products, and consumers are questioning why prices rose so suddenly now.

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