Petrol and diesel prices will go up from January 1 as a result of a five euro cent increase on consumer tax plus a one cent VAT hike, the president of the Cyprus Petrol Stations Owners Association Stephanos Stephanou told The Cyprus Daily on Thursday.
"The increase on consumer tax concerns petrol and diesel but heating oil is not affected," Stephanou said.
"The increase on consumer tax is part of Cyprus harmonising with the EU and this means petrol and diesel will be more expensive by six cents from January," he added.
The bad weather over the last few days in Cyprus has led to an increase in demand for heating oil which will suffer no consumer tax price hikes next year.
But the price rise of international crude oil has meant three of the island's four petrol companies went ahead with a one cent increase for petrol and heating oil.
Akis Lefkaritis of Petrolina told The Cyprus Daily it is unlikely petrol companies will impose further pump increases before Christmas despite the rising prices of international crude oil.
"As we have shipments already here, I hope we will be able to avoid imposing further price increases on petrol and heating oil before Christmas although international crude oil prices are on the rise," he said.
The average price for petrol (95 octanes) is currently €1.319 per litre while petrol (98 octanes) costs around €1.371 per litre, diesel is €1.389 and heating oil around €1.024 per litre.