Petrol and diesel prices in Cyprus could rise by as much as 40% in the coming weeks as the Middle East conflict reshapes the energy landscape.
According to Charles Ellinas of the Atlantic Council, Brent crude spiked to $120 per barrel before retreating to $91-94.
Should hostilities continue, prices could surpass $120 again — in an extreme scenario, approaching $150. Currently petrol is at €1.347/l and diesel at €1.461/l.
Ellinas expects increases this week or next, once new fuel imports arrive.
Strikes on energy infrastructure add uncertainty. In the US, petrol has already risen 20%.
