ECONOMY

Georgiadis: Drop in oil rates will lead to lower fuel prices

Georgiadis: Drop in oil rates will lead to lower fuel prices

The measures the government has taken and the inspections it is carrying out will ensure that the drop in global oil rates will lead to a reduction in fuel retail rates, Development and Investments Minister Adonis Georgiadis said on Wednesday in an interview with public broadcaster ERT, referring to the rising cost of energy and its knock-on effect on the market prices that end up being paid by consumers.

The minister noted that since the maximum profit ceiling has been established throughout the fuel supply chain and continuous inspections are being carried out, it is impossible for the fall in the price at refineries not to be passed on to fuel retailers.

It is also impossible, he added, because inspections start at the refineries.

“So we check from the time of the import of oil until the time when the fuel arrives at gas stations,” he said.