Gasoline and diesel prices in Cyprus could jump by 30%-40% soon, says energy expert Charles Ellinas.
In an interview with RIK, he explained that international oil prices are changing a lot. This is due to events in the Middle East and decisions from U.S. President Donald Trump.
He pointed out that Brent oil prices shot up to $120 per barrel after talks about the ongoing conflict. They then dropped to around $91-$94 when there were hopes for progress.
If conflicts last longer, prices might go back above $120 or even hit $150 in extreme cases, especially if Middle Eastern oil exports are hit hard.
Mr. Ellinas stressed that things get more uncertain when energy facilities are damaged. Restarting refineries or gas plants can take two to three weeks.
He mentioned a specific LNG facility in Qatar that has paused operations, predicting production issues could last until the end of the year.
For Cyprus, he believes price increases might start showing up this week or next with new fuel imports.
At the same time, he noted there’s a chance for things to calm down since many oil facilities are still running at lower production and can bounce back quickly.
Lastly, he pointed out that pressure is rising on Trump’s government as gasoline prices in the U.S. have already gone up by about 20%. The situation is also affected by Israeli Prime Minister Benjamin Netanyahu’s views on the conflict with Iran.
