The increase in oil prices due to rising geopolitical tensions in Middle East has a big impact not only on the consumers’ driving habits but also on businesses internationally.
More specifically, according to the Fuel Prices Monitor, the highest selling price of gasoline yesterday, 29th of May 2018, in Cyprus was 1,359 per liter at a petrol filling station in Larnaca, while the lowest price (1,24 per liter) was noted at a filling station in Limassol.
High oil prices are raising concerns of local businesses, which will be forced to change their pricing policy in order not to be negatively affected.
It is to be noted that the companies which are expected to be more affected are transport companies (distributors), companies that are constantly using motor fuels, as well as companies which use oil as fuel for their equipment maintenance.
Speaking on behalf of Cyprus Employers and Industrialists Federation (OEB), Antonis Frangoudis, Director of OEB’s Business Development and Economic Affairs Department, explained that energy prices are extremely important for businesses, since energy management, along with the proper management of staff, money and raw material can have a decisive role in determining products’ final prices.