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The price reduction in fuel will not make much of a difference to consumers as they will only save 20 to 30 cents on a full tank, head of the petrol station owners association Stefanos Stefanou said on Thursday.
Stefanou told CyBC radio that up to now, three companies had announced reductions in prices of around 2.7 cents per litre.
“I expect that by Monday all companies that will have received new fuel shipments will reduce their prices,” he said.
The issue was raised on Monday when a consumer group prompted parties to question why prices were so high while international prices had fallen dramatically.
The consumer body said it was contemplating a lawsuit against the state saying it had deliberately allowed prices to remain high in order to collect more taxes when prices should be 12 to 15 cents lower per litre.
Energy Minister Giorgos Lakkotrypis said his ministry would intervene when necessary but at the moment there was no reason to do it since fuel prices had dropped but the value of the euro against the dollar had also dropped, offsetting any gains.
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