Why is fuel more expensive in Greece than in Cyprus? The difference in price

While Greece is in the vortex of an energy crisis with fuel prices soaring, prices are much lower in Cyprus.

In fact, one of the paradoxes of the case is that although Cyprus imports from Greece, the price of petrol is much lower in the island state.

In particular, according to available data, the average price of petrol in the East Mediterranean island is 1.38 euros per litre, while at the same it is 1.45 euros in Greece.

Respectively, the average price of diesel in Greece is 1.85 euros while a litre of oil in Greece is 1.59 per litre.

What is the reason that the pocket of the Greek citizen and not of the Cypriot is "damned"?

The answer is given by the president of the Federation of Gasoline Dealers of Greece, Michael Kiousis.

"Greece has about one euro of taxes per litre of gasoline. On the contrary, such a thing does not happen in Cyprus," he explained.

But how can the price of gasoline be reduced in Greece as well?

"The only way to de-escalate immediately is to reduce taxes. There must be reductions immediately, from the Excise Tax to VAT," Kiousis said.

"At some point, international prices will de-escalate, but this does not seem to be the case in the near future.

"Therefore, tax cuts are the only realistic plan for our country."

Cypriots were not left untouched either

At the same time, although Greece has experienced a significant increase in the price of fuel, respectively the same happened in Cyprus despite the fact that its fuel remains much cheaper than Greece.

A representative of the Cypriot Consumers' Association explained this and referred to an annual increase in the price of gasoline by 0.308 cents per litre in January 2022 compared to the corresponding month of 2021.

READ MORE: Turkish media: “Greece is stealing our oil in Thasos.”