EKO announced that diesel will be 2.5 cents a litre cheaper, while unleaded 95 and 98 octane has been lowered by 2.4 cents.
Petrolina is cutting unleaded 95 by 2.2 cents a litre and will also reduce the price of diesel from Monday, when the company is expecting its next deliveries.
Other companies are expected to follow suit.
Three days ago, Petrolina Director Akis Lefkaritis explained that petrol companies’ next deliveries are expected to be significantly cheaper. “This is why we can cut our prices immediately,” he said.
He added that prices on the island are monitored by the Commerce Ministry and denied that petrol companies were operating unchecked.
The price reduction can be attributed to the fact that the price of oil has come down on the international markets.
Yesterday, Crude prices drifted lower to $124.28 a barrel, more than $22 below the all-time high hit just two weeks ago.
A US government report showed a large build-up in oil supplies, reinforcing concerns that energy demand is deteriorating under the weight of an economic slowdown and high prices.
By Leo Leonidou, Cyprus Mail 2008