# Petrol Prices



## zach21uk (Jun 26, 2014)

Afternoon all,

I noticed a couple of weeks ago that unleaded petrol prices, both regular and premium, dropped quite significantly, bringing regular down into the 1.36,9 range.

I saw an article on the Cyprus Mail at the time talking about this: Petrol prices going down | Cyprus Mail

Driving around today, I noticed that prices have gone down another 3¢ at most places, down to €1.33,9 in a lot of gas stations (though I noticed a few such as Esso were still at €1.36,9).

I checked Cyprus Mail and saw no explanation as to the newest drop. 

Has anyone heard anything about this? Can we expect the prices to drop further?

Thanks
Zach


----------



## Baywatch (Mar 30, 2014)

zach21uk said:


> Afternoon all,
> 
> I noticed a couple of weeks ago that unleaded petrol prices, both regular and premium, dropped quite significantly, bringing regular down into the 1.36,9 range.
> 
> ...


It has nothing todo with Cyprus itself. Oil prices has rocket speed down for a quite long time now and Cyprus has been really slow to follow down

So I would say they finally adjust to the rest of the world


----------



## PeteandSylv (Sep 24, 2008)

It has everything to do with Cyprus. The price of petrol at the pump is regulated by each country in their own way be it government and/or corporate.

The price of petrol here regularly fluctuates with the price of oil but with a lag. I don't believe Cyprus has been particularly slow to follow and wonder whether any UK ex-pats would agree that petrol price reductions in the UK based on market fluctuations are pretty rare.

Petrol in Cyprus remains lower than many other countries as this site shows:

Gasoline prices around the world, 03-Nov-2014 | GlobalPetrolPrices.com

Pete


----------



## Baywatch (Mar 30, 2014)

PeteandSylv said:


> It has everything to do with Cyprus. The price of petrol at the pump is regulated by each country in their own way be it government and/or corporate.
> 
> The price of petrol here regularly fluctuates with the price of oil but with a lag. I don't believe Cyprus has been particularly slow to follow and wonder whether any UK ex-pats would agree that petrol price reductions in the UK based on market fluctuations are pretty rare.
> 
> ...


After driving in UK 10-15 times per year for f years I have never been in a country with more expensive petrol, at least diesel. It was always at least 30 cent more in UK then on mainland Europe.

And I don't agree that the price for petrol is much different in different countries. The TAX is different, but that has nothing to do with the petrol price


----------



## PeteandSylv (Sep 24, 2008)

For the purposes of this discussion and the point Zach was making, I think the majority of us would say that the price of petrol is what we pay at the pump.

If you had bothered to define what you meant by petrol price it might have helped, or is your definition retrospective!

But we can all split hairs, Anders. In the UK the tax (VAT) on petrol is similar to elsewhere. It is Excise Duty that makes it so expensive.

Pete


----------



## Veronica (Apr 5, 2008)

Its still cheaper here than the UK, Sweden or Germany plus many other countries


----------



## Baywatch (Mar 30, 2014)

Veronica said:


> Its still cheaper here than the UK, Sweden or Germany plus many other countries


Daily prices

Fuel-prices-europe.info - Current Fuel Prices in Europe


----------



## wizard4 (Feb 3, 2013)

In the UK they have been complaining that all the petrol retailers were not bringing down there prices, so as a result some of the big supermarket chains started dropping their prices and I believe Esso and others followed suit, however as we all know its the tax that the uk government imposes on fuel that can make it more expensive, than other countries. Also in rural areas petrol is dearer, currently its £1.27.9p unleaded a litre.
Cheers


----------



## zach21uk (Jun 26, 2014)

Just noticed another price drop in the last few days to 126.9 for Unleaded 95 and 129.6 for Unleaded 98. 

Get it while it lasts!


----------



## Baywatch (Mar 30, 2014)

zach21uk said:


> Just noticed another price drop in the last few days to 126.9 for Unleaded 95 and 129.6 for Unleaded 98.
> 
> Get it while it lasts!


As long as oil prices goes down it will last, so it is just to keep fingers crossed.


----------



## PeteandSylv (Sep 24, 2008)

Baywatch said:


> As long as oil prices goes down it will last, so it is just to keep fingers crossed.


unless you are Russian !!!!

Pete


----------



## Baywatch (Mar 30, 2014)

PeteandSylv said:


> unless you are Russian !!!!
> 
> Pete


Or Cyprus government. With these oil and gas-prices, all the hoped profit will be gone


----------



## expatme (Dec 4, 2013)

UK has now got the cheapest petrol in the EU. Come on Cyprus reduce the price at the pump.


----------



## Baywatch (Mar 30, 2014)

expatme said:


> UK has now got the cheapest petrol in the EU. Come on Cyprus reduce the price at the pump.


Where have you found this unbelievable news


----------



## zach21uk (Jun 26, 2014)

I do not think thats true. According to BBC Business, the average cost for Unleaded in the UK is now 116.9 pence, with prices as low as 114.2 pence at the supermarkets. Source: http://www.bbc.co.uk/news/business-30507970

This works out to 148.0 euro cents and 144.0 euros cents respectivly. Its currenty 126.9 euro cents for Unleaded in Paphos, which is 101 pence. 

Its almost exaxtly 14.5% cheaper here right now.

RAC UK expects prices to drop under £1.00 in the New Year. If true and prices drop to say 0.99 pence and the ratio of UK versus Cyprus holds with Cyprus being 14.5% cheaper, then we should hopefully expect prices of around 106.9 euro cents for Unleaded.

Note: edited to correct some numbers.


----------



## Baywatch (Mar 30, 2014)

zach21uk said:


> I do not think thats true. According to BBC Business, the average cost for Unleaded in the UK is now 116.9 pence, with prices as low as 114.2 pence at the supermarkets. Source: BBC News - Low oil price to push petrol below £1 a litre, says RAC
> 
> This works out to 148.0 euro cents and 144.0 euros cents respectivly. Its currenty 126.9 euro cents for Unleaded in Paphos, which is 101 pence.
> 
> ...


Fuel-prices-europe.info - Current Fuel Prices in Europe


----------



## zach21uk (Jun 26, 2014)

Baywatch said:


> Fuel-prices-europe.info - Current Fuel Prices in Europe


Thats good for an indicative average, however for example, the UK average factors in the Supermarket Petrol Prices and lowers the UK average price by 1p. 

We do not have Supermarket Petrol Stations in Cyprus or at least not in Paphos that I've seen, only main brands like Esso et cetera.

As I said, its 14.5% cheaper here right now so if the ratio holds and UK prices go down under £1, then 106.9 cents is what we SHOULD get. Who knows if we actually will though.


----------



## Baywatch (Mar 30, 2014)

zach21uk said:


> Thats good for an indicative average, however for example, the UK average factors in the Supermarket Petrol Prices and lowers the UK average price by 1p.
> 
> We do not have Supermarket Petrol Stations in Cyprus or at least not in Paphos that I've seen, only main brands like Esso et cetera.
> 
> As I said, its 14.5% cheaper here right now so if the ratio holds and UK prices go down under £1, then 106.9 cents is what we SHOULD get. Who knows if we actually will though.


Today Petrolina in Paphos had 1,245 for 95.


----------



## zach21uk (Jun 26, 2014)

Thats good to know. I drove past Esso earlier (the one near EAC) and it was still 126.9 but I'm sure they'll catch up soon.


----------



## expatme (Dec 4, 2013)

Baywatch said:


> Where have you found this unbelievable news


This is what was quoted on the news this morning, either BBC or ITV cannot remember which one as we do switch.


----------



## expatme (Dec 4, 2013)

I remember the statement said that prices would fall to £0.99 a litre. hence my report.


----------



## Baywatch (Mar 30, 2014)

zach21uk said:


> Thats good to know. I drove past Esso earlier (the one near EAC) and it was still 126.9 but I'm sure they'll catch up soon.


Some others had 1,278. Pissouri is 1,269

Anders


----------



## PeteandSylv (Sep 24, 2008)

expatme said:


> UK has now got the cheapest petrol in the EU. Come on Cyprus reduce the price at the pump.


The cheapest UK price I can see on the net is £1.15. This is equivalent to €1.45. Rather more than the €1.26 I pay. Did you forget the exchange rate when you enthused over prices?

Pete


----------



## expatme (Dec 4, 2013)

PeteandSylv said:


> The cheapest UK price I can see on the net is £1.15. This is equivalent to €1.45. Rather more than the €1.26 I pay. Did you forget the exchange rate when you enthused over prices?
> 
> Pete


No I just said what was stated on the UK TV news this morning


----------



## expatme (Dec 4, 2013)

Supermarkets slash petrol prices by another 2p as the cost of barrel oil continues to fall - and RAC predicts the 99p litre is on its way back
RAC predicts petrol prices will fall to below £1.10 within next fortnight 
Group believes 'petrol at under £1 early in 2015 is a very real prospect'
Petrol was last averaging under £1 a litre in May 2009 at price of 99.9p
By RAY MASSEY, TRANSPORT EDITOR FOR THE DAILY MAIL
PUBLISHED: 03:31 GMT, 17 December 2014 | UPDATED: 01:28 GMT, 18 December 2014


Read more: Asda slashes another 2p off petrol | Daily Mail Online 
Follow us: @MailOnline on Twitter | DailyMail on Facebook

Thought this might help


----------



## David_&_Letitia (Jul 8, 2012)

expatme said:


> Supermarkets slash petrol prices by another 2p as the cost of barrel oil continues to fall


Usually, OPEC (mainly led by Saudi Arabia) would step in and cut production in order to maintain prices. They are refusing to do so at present. Call me a sceptic, but this is probably a concerted effort to drive prices down to the point where the shale gas being produced by the USA becomes economically unviable and the companies producing it go bankrupt.


----------



## Baywatch (Mar 30, 2014)

David_&_Letitia said:


> Usually, OPEC (mainly led by Saudi Arabia) would step in and cut production in order to maintain prices. They are refusing to do so at present. Call me a sceptic, but this is probably a concerted effort to drive prices down to the point where the shale gas being produced by the USA becomes economically unviable and the companies producing it go bankrupt.


I agree with your opinion, and for me it means that the price will be low for a long time. Some experts say that it can be very low until at least end of 2016 and not back to 100 USD per barrel until 2020


----------



## PeteandSylv (Sep 24, 2008)

An interesting view but surely the price is set by the commodity market traders. From what I've read the current price of a barrel is below a sustainable level for all the Arab nations with respect to their GDP.

The price might also have caused a considerable headache for an independent Scotland too, but that's water under the bridge or oil through the pipe!

Pete


----------



## David_&_Letitia (Jul 8, 2012)

PeteandSylv said:


> An interesting view but surely the price is set by the commodity market traders. From what I've read the current price of a barrel is below a sustainable level for all the Arab nations with respect to their GDP.
> 
> The price might also have caused a considerable headache for an independent Scotland too, but that's water under the bridge or oil through the pipe!
> 
> Pete


Correct. This would be unsustainable, but I would liken the Saudi Arabia attitude to a 'loss leader' at the Supermarket. Sell low to get rid of the competition, then you can set the price again at leisure...


----------



## Baywatch (Mar 30, 2014)

David_&_Letitia said:


> Correct. This would be unsustainable, but I would liken the Saudi Arabia attitude to a 'loss leader' at the Supermarket. Sell low to get rid of the competition, then you can set the price again at leisure...


The longer the low price continues, the more Russia is hurt. I am sure this is also apart of it.


----------



## Talagirl (Feb 24, 2013)

Many garages in the Paphos area pricing their petrol in the 1.24 range - just filled up at Star Petrol Garage just along from St George's Traffic Lights €1.242 per litre and if you buy €30 plus of fuel you get a €6 coupon for the car wash


----------



## zach21uk (Jun 26, 2014)

I saw Luk Oil on the main road near Karavella Bus Station (and 1 other petrol station opposite) selling unleaded at 119.7 today. Other stations in town (including an Esso on the same road) were still selling at 124.9

I will be stopping by Luk Oil tomorrow to fill up if the other petrol stations haven't price matched.


----------



## umglul (Dec 21, 2014)

Esso are being arrogant about not lowering their prices.


----------



## Talagirl (Feb 24, 2013)

A bit cheesed off because we filled up with petrol at Star Oil when it cost €1.242 on Friday and now it is €1.192!


----------



## zach21uk (Jun 26, 2014)

The prices are dropping fast like a rock, thats for sure!


----------



## Baywatch (Mar 30, 2014)

zach21uk said:


> The prices are dropping fast like a rock, thats for sure!


Esso in Pissouri is still 1,269 but no use filling in Paphos, 

And I think prices will soon stabilize. Otherwise the governmebt raise the tax to earn more money


----------



## Andrea59 (May 1, 2014)

€1.173 at Star Oil, Tomb of the Kings road today (near St George hotel)


----------



## zach21uk (Jun 26, 2014)

The petrol station next to Alphamega Hypermarket have sneakily RAISED their price by 1 cent in the last day or so. Very cheeky.


----------



## zach21uk (Jun 26, 2014)

After getting down to 1.139, I am seeing its back up to 1.172 in a lot of gas stations in Paphos right now. Has anyone seen lower? If so, where please?


----------



## PeteandSylv (Sep 24, 2008)

I think it's a bit lower in the Esso station at Stroumbi but I'm not sure. Life's too short to spend it driving around using up fuel in order to buy it a cent or 2 cheaper.

Pete


----------



## wizard4 (Feb 3, 2013)

I agree with Pete by the time i have driven through traffic to get to Tesco where its cheapest I have gained nothing.


----------



## zach21uk (Jun 26, 2014)

Well, I have to drive a distance anyway down into Paphos from Marathounda in order to get Petrol. If I have to drive an extra 2-3 minutes in order to save 2, 3 or 4 cents per liter, thats worthwhile to me. You look after your pennies and your pennies look after you.


----------



## wizard4 (Feb 3, 2013)

On that point I agree with you I have a garage next door, ok petrol is slightly dearer, but it saves me an 8 mile journey for the cheapest, and the same back again. So I see where your coming from Zach.
Cheers 
Ray


----------



## zach21uk (Jun 26, 2014)

An extra 8 mile drive would totally offset the saving, so I see where you're coming from too


----------

