The price of petrol has been reduced as of the beginning of this month by 1.1 cents per litre bringing extra petrol 98 octanes down to 44 cents a litre, ordinary petrol down to 41.9 cents per litre and super unleaded petrol down to 44 cents per litre.

The reduction is a result of regulations introduced by the House of Parliament which regulate the retail price of petrol based on international prices of Brent crude oil as well as the exchange rate of the Cyprus pound against the US dollar.

The forthcoming liberalisation of petroleum products next year is expected to bring further reductions on the retail price of petrol but increases on the prices of diesel.